Outcome of the Meeting of the Board of Directors of Sylph Technologies Limited held today i.e April 12th 2025.
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Sylph Technologies' board, which met on April 12, 2025 (from 1:00 PM to 1:30 PM), finalised the terms of a Rights Issue first approved on April 9, 2025. The company will issue up to 48,90,90,000 fully paid-up equity shares of Rs. 1 each at par (Rs. 1 per share), raising up to about Rs. 48.91 crore. The entitlement ratio is 15 rights shares for every 11 shares held, with the record date set for Friday, April 18, 2025. The Rights Issue opens on April 25, 2025 and closes on May 10, 2025, with the last date for renunciation being May 6, 2025. Post-issue share count would rise from around 35.87 crore to 48.91 crore shares assuming full subscription. The board also approved a new corporate office at Zodiac Mall, Bicholi Mardana, Indore.
Eligible shareholders as on April 18, 2025 will receive rights entitlements in their demat accounts and must decide whether to subscribe, renounce, or let the rights lapse by May 10, 2025. Since shares are being issued at face value (no premium), this is purely a dilutive capital raise, expanding the share base by roughly 36% on full subscription and putting pressure on the stock price ex-rights, though existing holders get proportional entitlement.