Apportionment of amounts received from Warrant Holders belonging to Non Promoter Category against warrants allotted in the meeting held on May 11, 2024, and Allotment of 4640290 equity ....
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Telogica Ltd has allotted 46,40,290 equity shares to non-promoter warrant holders upon conversion of convertible warrants originally issued on May 11, 2024 on a preferential basis. The shares were allotted at Rs. 8 per share (including Rs. 3 premium) for a total consideration of Rs. 3.71 crore. The allottees are Techmagix IT Solutions, Rajeev Reddy Yeduguru, and Logiclinx Corporation. As a result, the company's paid-up equity capital rose from Rs. 23.92 crore (4,78,35,786 shares) to Rs. 26.24 crore (5,24,76,076 shares). The newly issued shares will be subject to lock-in as per SEBI ICDR regulations and will rank pari-passu with existing shares.
This is a dilution event for existing shareholders — the share count increased by about 9.7%. However, it also brings in Rs. 3.71 crore of additional capital into the company. Logiclinx Corporation's stake rises notably to 10.87% post-allotment, making it a significant non-promoter shareholder. The remaining unconverted warrants (74,96,956) could lead to further dilution if exercised before the May 2026 deadline.