Sattrix Information Security Limited hereby inform the Exchange the receipt of In-principal approval for the issue of Equity Shares on Preferential basis pursuant to Share Swap
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Awaiting price reaction for this filing.
Sattrix Information Security Ltd has received BSE's in-principle approval to issue 45,48,379 equity shares (face value Rs. 10) at a price of not less than Rs. 347 per share. The shares will be allotted on a preferential basis to promoters and non-promoters under a share swap arrangement. The minimum value of the proposed issue works out to roughly Rs. 157.8 crore. This is not a cash fundraising — equity is being issued in exchange for shares/assets of another entity, typically linked to an acquisition. The company must still complete allotment, obtain post-issue listing approval, and file the listing application within 20 days of allotment.
Shareholders should expect equity dilution once the shares are allotted, but no cash is being raised — the shares are issued in exchange for assets/shares acquired. This could be a precursor to an acquisition announcement. Short-term share price may react based on the perceived value of the assets being acquired relative to the Rs. 347 floor price.