Ramco Systems Ltd board approves preferential issue

The Board of Directors of Ramco Systems Limited at its meeting held today Thursday, December 22, 2022 has considered and approved, the issuance and allotment of the following securities by way of preferential issue on private placement basis:

Subject to the approval of Members of the Company and such other regulatory / governmental authorities as may be required, the Board has approved to create, offer, issue and allot by way of a preferential allotment on a private placement basis, an aggregate of:

- Issuance up to 14,59,854, (Fourteen Lakhs Fifty Nine Thousand Eight Hundred and Fifty Four) Fully Convertible Equity Warrants ("Warrants") each carrying a right exercisable by the warrant holder to subscribe to one (1) equity share of the face value of ₹ 10/- (Rupees Ten only) each against each Warrant at an issue price of ₹ 274/- (Rupees Two Hundred and Seventy Four Only) (including a premium of Rs. 264/- (Rupees Two Hundred and Sixty Four Only), to Mr. P R Venketrama Raja, Promoter (Promoter) on such terms and condition as may be determined by the Board.

- Issuance up to 43,79,561 (Forty Three Lakhs Seventy Nine Thousand Five Hundred and Sixty One) equity shares, at an issue price of ₹ 274/- (Rupees Two Hundred and Seventy Four Only) (including a premium of Rs. 264/- (Rupees Two Hundred and Sixty Four Only) per equity share of the face value of ₹ 10/- (Rupees Ten only) each to M/s. Ramco Industries Limited (Promoter Group), M/s. Atyant Capital India Fund - I (Non-Promoter) and M/s. Vanderbilt University (Non-Promoter).

The Board has appointed ICRA Limited, credit rating agency as Monitoring Agency to monitor the use of proceeds of the preferential issue.

Shares of Ramco Systems Limited was last trading in BSE at Rs. 261.05 as compared to the previous close of Rs. 270.15. The total number of shares traded during the day was 8965 in over 951 trades.

The stock hit an intraday high of Rs. 273.95 and intraday low of 259.85. The net turnover during the day was Rs. 2385612.00.

Source : Equity Bulls

Keywords

RamcoSystems INE246B01019 FundRaising PreferentialIssue