This IT company approves allotment of convertible warrants - Check Details
This will help the company to raise Rs 215.78 crore which will be used for working capital needs and purchasing the acquired company.
Information Technology (IT) firm Quick Touch Technologies has informed the exchanges that its board of directors has approved an allotment of 59.50 lakh fully convertible warrants to both promoter and non-promoter categories.
According to the exchange filing, the warrant holder will have the right to subscribe to one equity share per warrant on a preferential basis at an issue price of Rs 196.17 per warrant after receipt of 25 per cent of the issue price as subscription amount.
"Each of the Warrant is convertible into or exchangeable for one fully paid-up equity share of Rs 10 of the company on payment of the balance consideration i.e. 75% of the Warrant Issue Price from the Allottees within 18 months from the date of allotment," the filing reads.
This will help the company to raise Rs 215.78 crore which will be used for working capital needs and purchasing the acquired company.
Post this allotment, 50.5 lakh warrants will still be pending for the allotment and shall be allotted to respective allottees.
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