8K Miles to Raise Rs 500 Crore; Split Shares 1:2
Cloud computing player 8K Miles Software on Wednesday said it plans to raise Rs 500 crore through a mix of instruments, including issue of fresh equity shares or convertible bonds via qualified institutional placement, among others.
The Chennai-registered, but Silicon Valley headquartered company also informed the exchanges that its board approved a plan to split the shares having face value of Rs 10 each into two equity shares of face value of Rs 5 each.
The company said the fund raising plan is subject to shareholders' approval, which it will seek at the forthcoming AGM. The company did not specify what purpose it will utilise the funds.
Explaining the rationale for share split, the company said it will be to improve the liquidity of shares with higher floating stocks and make them more affordable to investors.
Further, the board also recommended issue of bonus equity shares in 1:3 ratio by way of capitalisation in free reserves, subject to the approval of shareholders.
The company shares ended in the negative zone on the BSE losing 2.51 percent at Rs 2,109.65, bringing down its market cap to Rs 2,299.52 crore. Expecting bonus issue, the company shares had rallied 5 per cent yesterday.
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