Apportionment of the amounts received from warrant holders belonging to promoter and non-promoter category against the warrants allotted on May 11, 2024, and allotment of 81,46,956 equity ....
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Telogica Ltd (formerly Aishwarya Technologies and Telecom Limited) has converted 81,46,956 convertible warrants into equity shares at Rs. 8 per share, including a Rs. 3 premium over the Rs. 5 face value. The conversion brought in Rs. 6.52 crore from three allottees: Logiclinx Corporation (public), Mandava Srinivasa Rao (promoter), and Devineni Venkateswara Rao (public). This is part of an ongoing process linked to 4,25,00,000 warrants originally allotted on May 11, 2024, on a preferential basis. As a result, the company's paid-up equity capital rises from Rs. 28.59 crore (5,71,76,076 shares) to Rs. 32.66 crore (6,53,23,032 shares). The newly allotted shares will be under lock-in as per SEBI ICDR Regulations, and remaining warrant holders have until 18 months from May 11, 2024 to convert their balance warrants.
Existing shareholders face dilution as the share count grows by about 14%. Logiclinx Corporation's stake jumps significantly from 9.97% to 15.31%, while promoter Mandava Srinivasa Rao's holding slips slightly from 17.65% to 17.52%. The stock may see some short-term pressure from dilution and lock-in overhang, though the company is raising capital from committed allottees.