Multibagger microcap Sylph Technologies to raise funds via warrants and QIP

The company board of directors of Sylph Technologies, a microcap player, has approved fund raising through preferential issue not exceeding Rs 83.20 crore. The company has offered 26 crore company warrants in this preferential issue that is available for non promoters and public category investors at a price of Rs 3.20 per equity share.

Each warrant will carry a right exercisable by the holder to subscribe to the one equity share of the company to non-promoters, public category shareholders on a preferential basis at the given issue price of Rs 3.20 per warrant. However, the warrant is subject to approval from shareholders and other statutory approvals.

The fundraising committee of the company has also approved issuance and allotment of equity shares for another aggregate amount not exceeding Rs 100 crore by way of QIP’s, ADR, GDR, FCCB or any other method or combination thereof including series of right issue, each tranche not exceeding Rs 50 crore on such terms, the company added in the exchange filing.

Shares of Sylph Technologies surged 7 per cent to Rs 3.40 on Thursday. The stock had settled at Rs 3.19 on Monday. The stock has delivered a return of more than 1,600 per cent in the last two years, while it has gained over 200 per cent from its 52-week low of Rs 1.12 apiece.

Incorporated in 1992, Sylph Technologies provides software development services and solutions, newspaper distribution and trading of financial instruments. Company is a development partner, e-commerce enabler and solution provider for various industries.
 

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