IT Stock Surges Over 11% After Public Shareholders Raise Stake In Q2; Do You Own?

On Wednesday, shares of IT company Quicktouch Technologies Ltd jumped around 6.93 per cent to an intraday high of Rs 98.80 per share from its previous closing of Rs 92.40 per share. The stock's 52-week high is Rs 256.95 and its 52-week low is Rs 88. The company has a market cap of over Rs 58.43 crore.

This is due to the company's consideration and approval of the preferential allotment of equity shares upon the conversion of 3,20,000 warrants into 3,20,000 equity shares at an issue price of Rs. 196.17/-per share for "Non Promoters/Public Category" for an amount of Rs. 4,70,80,800/-.

"Pursuant to members approval, these warrants were issued, in terms of SEBI (ICDR) Regulations, 2018 to "Promoters and Promoter Group" and "Non-Promoters/Public Category", on preferential basis, at an Issue Price of Rs. 196.17/- per warrant on payment of Rs. 49.042 (Forty-Nine Rupees and Four Paise) 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. 147.128/- within 18 months from the date of warrant allotment," said Quicktouch Technologies in a stock exchange filing on Thursday.

The issued and paid-up capital of the company has grown to Rs 6,64,37,960 as a result of today's warrant/equity share allocation conversation. This is made up of 66,43,796 equity shares, each worth Re. 10.

In a recent meeting on Tuesday, July 02, 2024, the company's Board of Directors approved, among other things, the preferential allotment of equity shares to "Non Promoters/Public Category" upon receipt of the remaining funds totalling Rs. 1,37,99,971/- at the rate of Rs. 147.128 per warrant. This conversion of 93,796 warrants into 93796 equity shares at an issue price of Rs. 196.17/-each (including a premium of Rs. 186.17/-each).

The Quicktouch Technologies Limited Board of Directors sanctioned the acquisition of Grenew DMCC, a business established in the United Arab Emirates, and chose to acquire Grenew FZE during their meeting last month on Thursday, June 20, 2024.

In the quarter that ended in June 2024, Quicktouch Technologies' net profit increased by 146.77% to Rs 1.53 crore, from Rs 0.62 crore in the quarter that ended in June 2023. Sales increased 266.43% to Rs 41.70 crore in the June 2024 quarter from Rs 11.38 crore in the June 2023 quarter.

Leading IT solutions provider in India, QuickTouch specializes in cloud computing, software, web and app development, as well as data analytics and management. The market value of the firm is Rs 98.4 Cr.