Systematix Corporate Board Approves Raising Rs 103 Crore Via Preferential Issue

The board of directors of Systematix Corporate Services Ltd. has given its nod to raise Rs 103 crore via preferential allotment of shares to non-promoters.

In the board meeting called on Sept. 14, it was decided to issue and allot 6.73 lakh shares of face value of Rs 10 at a "price of Rs 1,531 per equity share", the company said in an exchange filing.

The issue price marks a discount of around 5% as compared to the closing price of Rs 1,610.1 on the BSE on Sept. 13.

To secure the approval of shareholders for the fundraise, Systematix Corporate has called an extraordinary general meeting on Oct. 14.

The bulk of the shares under the preferential issue, worth Rs 49.9 crore, is proposed to be alloted to Belgrave Investment Fund, as per the details shared by the company in its filing.

Among other allottees, the company intends to issue shares worth Rs 30.6 crore to Madhukar Chimanlal Sheth, Rs 14.9 crore to Authum Investment & Infrastructure Ltd., and Rs 3.4 crore to Siddharth Iyer.

The remaining allottees mentioned in the filing are Nikhil Vora HUF, which will be issued shares worth Rs 1.99 crore; and Capri Global Holdings Pvt. and Sky Hawk Ventures, which are to be allotted shares worth Rs 99 lakh each.

Notably, the company's board had issued its nod for a sub-division in equity shares in a meeting called on Aug. 9. If the stock split is approved in the ensuing annual general meeting on Sept. 26, then the price and size of the preferential issue would be readjusted, the regulatory filing noted.

On Sept. 13, Systematix Corporate shares advanced by 2.94% on the BSE, in comparison to a marginal decline of 0.09% in the benchmark Sensex.