Penny Stock Under Rs 2 Announces Rs. 17,43,75,000 Fundraising Via Preferential Issue

In order to generate funds through the issuance of convertible securities or shares, Teamo Productions HQ has made a significant step by using a preferential issue to raise Rs. 17,43,75,000 between August 20, 2024, and September 10, 2024.

"Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that there is no deviation or variation in the use of proceeds of the Preferential Issue. the Company received amount of Rs. 17,43,75,000 (Rupees Seventeen Crore Forty Three Lakh Seventy Five Thousand Only) being 75% of the warrant application monies towards allotment of 15,50,00,000 equity shares consequent upon conversion of warrants on preferential basis. A statement for the quarter ended September 30, 2024 confirming that there is no deviation or variation in the use of proceeds of the Preferential Issue, duly reviewed by the Audit Committee, is enclosed herewith," said the company in a stock exchange filing.

The objective of the fundraising deal is to meet working capital requirements including repayment or prepayment thereof, meeting various expenditures including contingencies; capital expenditure, including towards development, refurbishment and renovation of assets; any other cost incurred towards the main business objects; and financing of business opportunities, strategic initiatives; and/or general corporate purpose, said Teamo Productions HQ in a stock exchange filing.

The balance of Rs. 17,43,75,000, or 75% of the issue price per warrant, was provided to the company by the allottees in exchange for exercising their right to convert into equity shares in line with the SEBI (ICDR) Regulations, 2018 provisions for the preferential issue of 7,50,00,000 equity shares and 8,00,00,000 equity shares on August 20, 2024, and September 10, 2024.

In terms of finances, Teamo Productions HQ's net profit increased 435.71% to Rs 1.50 crore in the September 2024 quarter compared to Rs 0.28 crore in the September 2023 quarter. In the quarter that ended in September 2024, sales increased 20.94% to Rs 145.55 crore, up from Rs 120.35 crore in the quarter that ended in September 2023.
In addition to its other traditional activities, Teamo Productions HQ Limited (previously known as GI Engineering Solutions Limited) is currently involved in the production, distribution, and related industries of films. Development, production, distribution, marketing, and financing of various commercial feature films, content production, animation, graphics, CGI films, AI-powered feature films, creation of over-the-top (OTT) films, talkie films, telefilms, documentaries, advertising films, TV series, music production, music composition, recording studios, advertisers, and other related and related activities in India and overseas are among the company's business activities.