Small-cap stock Alphalogic Techsys has announced bonus shares for its shareholders. The board of directors of the company has recommended and approved one bonus share for every two equity shares of the company. Record date for payment of bonus shares is yet to be finalised. The small-cap company informed Indian exchanges that the cut-off date for bonus share issue will be decided and informed in due course.
Informing Indian stock market exchanges about the bonus share issue, exchange filing of the company says, “Recommendation of issuance of fully paid-up Bonus Share in the ratio of 1:2 i.e. 1 (One) Equity Share for every 2 (Two) fully paid up Equity Shares of ₹05/- each, subject to approval of the shareholders of the Company. The Company will inform in due course, the “Record Date” for determining shareholders entitled to receive Bonus Shares.”
The company also informed BSE that its board has approved fundraising in the company by issuance of convertible warrants on a preferential basis. The company plans to raise an aggregate amount of ₹6,00,00,507/- by issuing 15,32,780 convertible warrants at a price of ₹39.15/- each.
Shares of the company surged in morning deals today after the announcement of bonus share issue. Alphalogic Techsys share price today opened with an upside gap and went on to hit intraday high of ₹45.90 apiece levels, logging near 5 per cenr rise from its Thursday close of ₹43.75 per share levels.
Alphalogic Techsys Ltd also informed the Indian bourses that the board of directors of the company has also approved increase in the authorised capital of the company from the current ₹14 crore to ₹21 crore to facilitate the fundraising and bonus issue.
In Q1FY23, the Pune-based small-cap company has reported quarter-on-quarter profit growth of 64.5 per cent and revenue growth of about 20 per cent on a consolidated basis.