Multibagger penny stock Sylph to raise funds via warrants issue and QIP issue; scrip up by 800 per cent in 3 years!
The company's share capital was split from 10 shares with a face value of Rs 10 each to 10 shares with a face value of Rs 1 each. The stock split took effect on June 02, 2023.
Sylph Technologies Ltd is a leading software technology company in India, providing software development services & solutions for web and mobile enablement, to raise funds via warrants issues and QIP issues. Here are the details:
Warrants Issue: Through a filing that the board has approved raising funds by way of issuing 26 crore fully convertible warrants. The warrants will carry a right exercisable by the holders to subscribe to one equity share having a face value of Rs 1 per warrant to the non-promoter, public category on a preferential basis at an issue price of Rs 3.20 per warrant. The warrant is, however, subject to shareholders’ approval and other statutory approvals, the company said. The company aims to raise Rs 83.20 lakh through the warrant issue. Additionally, the warrants, being allotted to the proposed allottees, may get listed on exchanges.
Qualified Institutional Placement (QIP) Issue: The board also approved the issuance and allotment of equity shares for another aggregate amount not exceeding Rs 100 crore by way of QIP or any other method including a series of Right Issue(s). Each tranche will not be exceeding Rs 50 crores, the company said. The board also decided to increase the authorized share capital of the company from Rs 15 crore to Rs 100 crore.
On Friday, shares of Sylph Technologies Ltd surged 3.45 per cent to Rs 3.30 per share from its previous closing of Rs 3.19. The stock’s 52-week high of Rs 5.30 and its 52-week low of Rs 1.12.
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The company had a market cap of Rs 48 crore with a 3-year stock price CAGR of 110 per cent. Additionally, the company has reduced its debt and it's almost debt-free (current debt – Rs 0.73 crore).
The stock gave multibagger returns of 109 per cent in just 1 year and over 800 per cent in 3 years. Investors should keep an eye on this micro-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.