Multibagger IT company approves issuing 5.34 crore warrants for ₹400 crore fundraise. Details here

Stock Market Today: Multibagger IT company VL E-Governance & IT Solutions on Thursday post market hours approved the issue of 5.34 crore warrants for ₹400 crore fundraising.

In its release on the exchanges VL E-Governance & IT Solutions said that it has approved the allotment of of 5.34 crore warrants on a preferential basis. The same amounts to ₹400.99 crore.

VL E-Governance & IT Solutions warrant issue details

VL E-Governance & IT Solutions as per its exchange filling dated January 16 said that the Board of directors of the company have approved the allotment of 5.34 crore fully convertible warrants each convertible into 1 (One) equity share of the face value of Rs. 10/- (Rupees Ten Only) each, aggregating to Rs. 400.99 Crore to the non-promoter category on preferential basis.

The Board also approved the allotment of 25 Lakhs equity shares upon conversion of warrants. This milestone in our preferential issue process underscores the confidence of warrant holders in our growth potential and long-term vision, said the company in its release on the exchanges.

VL E-Governance & IT Solutions has issued warrants on a preferential basis by way of a private placement. This initiative underscores the company’s commitment to strengthening its capital structure and accelerating its growth trajectory.

Dinesh Nandwana, Chairman & Managing Director of VL E-Governance, in a statement, said, “This allotment represents a significant milestone in our journey towards achieving long-term growth and operational excellence. The funds raised will enable us to invest in cutting-edge technologies and expand our footprint in critical and emerging sectors including aviation, aerospace, defence, satellite & e-Governance sectors."

VL E-Governance & IT Solutions share price movement

VL E-Governance & IT Solutions share price has risen from 52-week lows hit in March 2024 of ₹49.83 to highs of ₹197.90. As the confidence of investors remains strong, VL E-Governance & IT Solutions share price has risen 154% in the last one year, having given multiagger returns to the investors.

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