New Delhi [India], August 5 (ANI/ATK): Board of directors of Alphalogic Techsys Limited has approved and recommended the issuance of bonus share to the existing shareholders of the company. The bonus shares will be issued in the ratio of 1:2 means one bonus share for holding of two shares of the company. The small-cap company informed about the bonus share issuance in its exchange communication. The company is yet to announce record date for bonus share issuance.
The company also informed BSE that its board has approved fundraising in the company by issuance of convertible warrants on a preferential basis. The company plans to raise an aggregate amount of Rs 6,00,00,507/- by issuing 15,32,780 convertible warrants at a price of Rs 39.15/- each.
Shares of the company jumped 5.17 per cent to Rs 43.75 at the close of trading hours in Thursday's session after the announcement of bonus shares.
The small-cap company informed Indian bourses about the bonus share issuance citing, "The Board of Directors of the company have approved and recommended the issuance of fully paid up bonus shares in the ratio of 1:2 (i.e 1 fully paid up share for every 2 fully paid up equity shares held), subject to the shareholders' approval." This reward for existing shareholders is like icing on the cake as the company has already given more than 400 per cent return to its shareholders in the last one year. This small-cap multibagger stock has surged from around Rs 10.97 to Rs 43.75 apiece levels from May 2021 to 4th August 2022, a period of 1 year.
Alphalogic Techsys Ltd also informed the Indian bourses that the board of directors of the company has also approved increase in the authorised capital of the company from the current Rs 14 crore to Rs 21 crore to facilitate the fundraising and bonus issue.
In Q1FY23, Pune-based Alphalogic Techsys Ltd has reported quarter-on-quarter profit growth of 64.5 per cent and revenue growth of about 20 per cent on a consolidated basis.
The company had earlier announced its plans to venturing into the production of Bio-Ethanol. The company is setting up a grain-based distillery with a production capacity of 1,50,000 Litres of ethanol per day in the Chandrapur district of Maharashtra. The company has been allotted land for this project and has received Environment Clearance from the Ministry of Environment, Forest and Climate Change.
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