Moschip Technologies' Board approves fund raise; stock zooms ~3%

5 Jul 2022 , 12:04 PM

Moschip Technologies Limited informed that the board of directors of the company has approved the proposal for raising funds for an amount of Rs11 crore by way of issuing 1,801,801 Equity shares having face value of Rs2 each at an issue price of Rs61.05.

The company will utilize the said proceeds for working capital purposes.

The meeting of the Board of Directors was held on July 4, 2022.

In the same meeting, the company also approved the conversion of Rs19 crore from the holding company, M/s Mayuka Holdings Private Limited to 3,112,203 Equity Shares having a face value of Rs2 each at an issue price of Rs61.05.

The aforesaid issue and allotment of equity shares will reduce the net debt of the Company from Rs62.50 crore to Rs32.50 crore along with an approximate saving in net finance cost by Rs3.92 crores on annual basis.

Moschip Technologies is currently trading at Rs57.30 up by Rs1.5 or 2.69% from its previous closing of Rs55.80 on the BSE. The scrip opened at Rs56 and has touched intraday high and low of Rs57.50 and Rs54.15 respectively.