Alphalogic Techsys was locked in upper circuit of 5% at Rs 279.15 after it announced that its board is scheduled to meet on 12 June 2024 to consider and approve the proposal of raising funds.
The company aims to raise funds through issuance of equity shares or any other instruments or eligible securities representing either equity shares and/or convertible securities linked to equity shares or through any other permissible mode or a combination thereof, by way of further public issue, debt issue, preferential allotment, rights issue, ADRs, private placement, qualified institutions placement (QIP), or any other method.The board also seeks to approve the increase of authorized share capital and alteration in Capital Clause V of Memorandum of Association (MoA) of the Company. The board resolution was passed on 22 May 2024 to increase authorized share capital from Rs 26 crore to Rs 32 crore, subject to approval of shareholders. However, a revision of the same will be taken up in the proposed board meeting on 12 June 2024.
Alphalogic Techsys engaged in healthcare, SaaS Software, E-commerce, Fintech, Social Networking, and other industries. Alphalogic provides a wide range of services including Web Application Development, Mobile Application Development, UI/UX Consulting, Business Intelligence and Data Analytics Services.
The company reported 9.23% fall in consolidated net profit to Rs 1.18 crore despite of 106.39% jump in revenue from operations to Rs 17.75 crore in Q4 FY24 over Q4 FY23.
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