Quicktouch Technologies Announces Rs 50 Crore Fundraising Initiative

Today, shares of Quicktouch Technologies Limited saw a 2.123% increase, reaching Rs 139.30 per share from the previous closing of Rs 136.40. The stock's 52-week high is Rs 274, while its low stands at Rs 105.

Quicktouch Technologies Limited has scheduled a Board of Directors meeting for August 6, 2024, to consider and approve several key matters. Among these is the approval of the company's unaudited standalone and consolidated results for the quarter ending June 30, 2024, accompanied by a Limited Review Report. Additionally, the board will seek shareholder approval to raise up to Rs 50 crore through various equity and debt instruments. This may include equity shares, convertible securities, non-convertible debentures with warrants, and other permissible methods such as private placement, qualified institutional placement, public issue, preferential issue, and rights issue, subject to applicable laws and regulatory approvals.

A major 10-year agreement between Quicktouch Technologies and CSC Academy was recently announced, with the aim of providing a cutting-edge School Resource Management System. This partnership represents a significant turning point for the business, confirming its commitment to enhancing school administration with cutting-edge technology. The technology will improve communication and resource allocation across the schools in the CSC Academy network while streamlining administrative processes.

Quicktouch Technologies converted a number of warrants into regular shares of the firm in July 2024. Some investors exercised their right to convert on July 2, 2024, by paying the remaining 75%. These warrants were first offered for purchase in January 2024, with investors paying 25% ahead. As a result of this conversion, 93,796 new shares valued at Rs 196.17 apiece were issued. An annexure had a comprehensive list of these investors, none of them are founders or significant stakeholders. There are still more than a million outstanding warrants that may be converted into shares in the following 18 months by paying the remaining amount. With the 63,23,796 shares that make up this issuance, Quicktouch's total issued capital now stands at Rs 6,32,37,960. All of the new shares have the same rights as the previous ones.

The board authorised the 100% acquisition of Grenew DMCC, a company located in Dubai, in June. Grenew FZE, an organisation that specialises in recycling and electronics refurbishment, is part of this deal. Manufacturing, assembly, and disassembly are all included in Grenew FZE's activities, which complement Quicktouch's goal of increasing the range of services it provides. With the addition of recycling and refurbishing services to its offer, this calculated step combines Grenew's strengths with Quicktouch's overarching objectives.

Quicktouch Technologies Limited is a well-known provider of information technology, having been founded in 2013. Its areas of expertise are web design, software development, IT product and software development, consulting services, and software IT solutions. The strategic expansion and fundraising campaign launched by Quicktouch Technologies demonstrate the company's dedication to innovation and growth within the technology sector. As it expands, the business hopes to use its new alliances and acquisitions to provide its clients throughout the world with more sophisticated and all-encompassing solutions.