Multibagger Penny Stock Below Rs 5 Rally As Board Okays To Raise Funds Via Warrants & QIP Issue

Sylph Technologies has informed exchanges 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 Re 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 in the case, the filing added. The warrants, being allotted to the proposed allottees, may get listed on exchanges.

The board also approved the issuance and allotment of equity shares for another aggregate amount not exceeding Rs 100 crores by way of QIP or any other method including a series of Right Issue(s). Each tranche will not exceed 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 Wednesday, the shares of Sylph Technologies closed on the BSE at Rs 3.22 apiece up by 0.94% from the previous close of Rs 3.19. The stock made a 52-week-high of Rs 5.30 on (23/01/2023) and a 52-week-low of Rs 1.12 on (29/08/2022). In the last 1 year the stock has generated a multibagger return of 119.05% and on a YTD basis, the scrip has fallen 9.80% so far in 2023. During Q1FY24, the company recorded a public stake of 100%.