Sylph Technologies Limited allots 1.05 crore equity shares on conversion of warrants

The Board of Directors of Sylph Technologies Limited in their meeting held on today i.e. 26th December, 2023, considered and approved the allotment of equity shares on conversion of 1,05,00,000 warrants into 1,05,00,000 equity shares of face value of Re. 1/- each, to "Non-Promoters/Public Category", on preferential basis, upon receipt of balance amount aggregating to Rs. 2,52,00,000/- (Rupees Two Crore and Fifty-Two Lacs only) at the rate of Rs. 2.40 (Rupees Two and Forty Paise only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares.

Pursuant to members approval, these warrants were allotted, in terms of SEBI (ICDR) Regulations, 2018 to Non-Promoters/Public Category, on preferential basis, at an Issue Price of Rs. 3.20/- per warrant on payment of Rs.0.80 per warrant, being 25% of the Issue Price, entitling the warrants holders to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 2.40 within 18 months from the date of warrant allotment.

Consequent to today's conversation of warrants/allotment of Equity Shares, the issued and paid-up capital of the Company stands increased to Rs 15,95,00,000/-consisting of 15,95,00,000 equity shares of Re. 1/- each.

The new equity shares so allotted, shall rank pari-passu with the existing equity shares of the Company.

Source : Equity Bulls

Keywords

SylphTechnologies SharesAllotment WarrantsConversion