Penny Stock Under Rs 2 Locked At 10% Upper Circuit On Declaring Rs 49 Cr Fundraising Via Rights Issue

On Monday, shares of technology company Sylph Technologies Ltd surged around 9.45 per cent upper circuit to an intraday high of Rs 1.39 per share from its previous closing of Rs 1.27 per share. The stock's 52-week high is Rs 5.30 and its 52-week low is Rs 0.80. The company has a market cap of over Rs 48 crore. The stock price surged following the company's announcement that it would raise Rs 49 Cr through a rights offering.

The Board of Directors of the company in its meeting held today Thursday, 05th December, 2024 considered and declared "Approval for raising of funds through issuance and allotment of equity shares having face value of 1.00/- (Rupee One Only) ('Equity Shares') for an aggregate amount not more than Rs. 49,00,00,000/- (Rupees Forty Nine Crore Only) on right issue basis, on such terms and conditions as may be decided by the Board of Directors of our Company to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently) subject to the receipt of applicable regulatory, statutory approvals, in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, and the Companies Act, 2013 and the rules made thereunder, as amended from time to time. ('Rights Issue')," said Sylph Technologies in a stock exchange filing.

The rights issue committee's constitution states that its members are Mr. Pankaj Kalra, Mrs. Minaxi Pareek, and Mr. Pranay Vaid.

The corporation announced in June 2023 that the equity shares will be divided into 10:1 shares. This indicates that ten shares of Re 1 each had been generated from each share of Rs 10 face value.

One of India's top software technology companies, Sylph offers software development services and solutions, including strategy consulting, web development, product development, outsourcing software, and e-commerce for online and mobile enablement. We use our extensive subject knowledge to deliver top-notch products and services. Retail, mobile, manufacturing, education, travel, and transportation are just a few of the dynamic verticals that Sylph operates in. Many prosperous companies rely on Sylph as a development partner, e-commerce facilitator, and solution supplier.