100 per cent publicly owned company & multibagger penny stock below Rs 5; Board allocates 1,35,00,000 equity shares on conversion of warrants to non-promoters!
From Rs 0.23 to Rs 2.14 per share, the stock gave multibagger returns of 830 per cent in just 3 years.
The Board of Directors of Sylph Technologies Limited approved the allotment of 1,35,00,000 equity shares at an issue price of Rs 3.20 each (including a premium of Rs 2.20 per share) to Non-Promoters/Public Category. This allotment follows the conversion of a similar number of warrants by VKC Corporation Solutions Pvt Ltd (30,00,000 warrants), Sygnific Corporation Solutions Pvt Ltd (30,00,000 warrants) and Manoj Gupta (75,00,000 warrants). The total balance payment received is Rs 3,24,00,000 (at Rs 2.40 per warrant). Consequently, the issued and paid-up capital of the Company has increased to Rs 35,86,66,000 and the new equity shares rank equally with the existing ones. There are still 4,28,34,000 warrants outstanding which can be converted into equity shares by paying the remaining Rs 2.40 per warrant within 18 months from the date of allotment.
Sylph Technologies Ltd., established in 1992, offers a diverse range of services beyond its core software development, encompassing newspaper distribution, financial instrument trading, solar power plant trading, IT services, newspaper printing, business process outsourcing, and knowledge process outsourcing. The company has a market cap of Rs 71.73 crore and its 100 per stake is owned by the public shareholder.
Also Read: 10:1 Stock Split & Promoters bought 40,12,867 shares: Heavy buying in this multibagger plywood manufacturing stock; Spurt in volume by more than 5 times on BSE
Today, shares of Sylph Technologies Ltd plunged 2 per cent to Rs 2.14 per share from its previous closing of Rs 2.18. The stock’s 52-week high is Rs 5.30 and its 52-week low of Rs 1,85.
According to the Quarterly Results, the net sales increased by 109.54 per cent to Rs 5.25 crore in Q4FY24 compared to Rs 2.51 crore in Q4FY23. The company reported a net loss of Rs 1.82 crore in Q4FY24 compared to a net profit of Rs 0.10 crore in Q4FY23. In its annual results, the net sales increased by 247.2 per cent to Rs 15.75 crore in FY24 compared to Rs 4.54 crore in FY23. The company reported a net loss of Rs 2.51 crore in FY24 compared to a net profit of Rs 0.76 crore in FY23.
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. From Rs 0.23 to Rs 2.14 per share, the stock gave multibagger returns of 830 per cent in just 3 years.
Disclaimer: The article is for informational purposes only and not investment advice.
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