Apportionment of the amounts received from warrant holders belonging to promoter and non-promoter category against the warrants allotted in the meeting held on May 11, 2024, and allotment ....
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Telogica Ltd has converted 47,00,000 convertible warrants into equity shares at Rs. 8 per share (including Rs. 3 premium), allotted on a preferential basis. The company received Rs. 3.76 crore from three allottees—Techmagix IT Solutions (32 lakh shares), Devineni Venkateswara Rao (5 lakh shares), and promoter Mandava Srinivasa Rao (10 lakh shares). This follows the original allotment of 1.6 crore warrants made in May 2024. As a result, the company's paid-up equity share capital has increased from 5.24 crore shares to 5.71 crore shares, with the new shares subject to SEBI-mandated lock-in.
This is a routine warrant conversion that increases the share count by about 9%, which may dilute existing shareholders slightly. The promoter's stake rises modestly from 17.32% to 17.65%, showing continued promoter support, while Techmagix IT Solutions' holding jumps notably from 3.43% to 8.74%.