On Friday, the share price of Sylph Technologies is Rs 4.28 apiece, which is around 19 per cent away from its existing lifetime high of Rs 5.30 per share.
Stock Market News: The shares of Sylph Technologies Ltd touched a 5 per cent upper circuit on 29th December 2023. The shares of the company are known one of the circuit-to-circuit stocks of Dalal Street. After touching the upper circuit on the last session of 2023, this penny stock under Rs 5 locked in the upper circuit on all first four trade sessions in New Year 2024.
The micro-cap stock has seen buying interest and logged an intraday rise of around 2 per cent even today. On Friday, the share price of Sylph Technologies is Rs 4.28 apiece, which is around 19 per cent away from its existing lifetime high of Rs 5.30 per share.
The small-cap stock under ₹10 informed the Indian stock market exchange about the issuance of warrants saying, “In furtherance to our communication dated October 31, 2023 w.r.t. to allotment of warrants, in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company in their meeting held today i.e. Thursday, January 04, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 7,35,82,667 warrants into 7,35,82,667 equity shares of face value of Re. 1/- each, to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to ₹17,65,98,400/- (Rupees Seventeen Crores and Sixty Five Lakhs Ninety Eight Thousand and Four Hundred only) at the rate of ₹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 in accordance with the provisions of SEBI (ICDR) Regulations, 2018 and list of allottees is enclosed.”
Here are some of the key updates:
- The small-cap stock under ₹5 is in the news for allotting preferential shares to nonpromoter category investors.
- Sylph Technologies Ltd has allotted 9.20 crore warrants convertible in an equal number of equity shares at ₹3.20 per equity share.
- The penny stock has attracted fresh funds to the tune of around ₹29.44 crore.
- Enclosed list mentions that the number of warrants allotted is 9.20 crore whereas it received the application for issuance of 7,35,82,667 warrants.
“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 ₹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., ₹2.40 within 18 months from the date of warrant allotment,” Sylph Technologies added.
“It may be please note that 16,84,17,333 total warrants are outstanding for conversion and these warrant holders are entitled to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., ₹2.40/- per warrant within 18 months from the date of warrant allotment” Sylph Technologies concluded.