VL E-Governance Approves Allotment of ₹400.99 Cr Warrants to Fuel Growth
Preferential Allotment of Warrants
VL E-Governance & IT Solutions Limited has announced the preferential allotment of 5.34 crore warrants through a private placement. The Board of Directors authorized the allocation of these fully convertible warrants to the non-promoter category on Thursday. Each warrant is convertible into one equity share with a face value of ₹10. The Board also approved the distribution of 25.00 lakh equity shares following the conversion of warrants.
Strategic Investment for Expansion
This strategic move aims to strengthen VL E-Governance's financial position with an infusion of ₹400.99 crore. The funds are intended to support the company's ambitious projects, which include advancements in the satellite, aerospace, defense, and aviation industries, as well as extensive e-Government initiatives.
VL E-Governance & IT Solutions emphasized that this initiative highlights its commitment to bolstering its capital structure and accelerating its growth trajectory.
Management's Perspective
Mr. Dinesh Nandwana, Chairman & Managing Director of VL E-Governance, stated that this allotment marks a significant step towards achieving long-term growth and operational excellence. He added that the raised funds will be invested in cutting-edge technologies and expansion in key sectors like aviation, aerospace, defense, satellite, and e-Governance.
Mr. Nandwana also noted that the issuance of warrants aligns with the company's vision to create value for stakeholders by exploring growth opportunities and utilizing its expertise in these domains.
Listing of Equity Shares
Following the conversion of the warrants, the equity shares will be listed on the National Stock Exchange of India Limited and the BSE Limited.
VL E-Governance & IT Solutions further stated that the issuance of 25,00,000 equity shares will increase the company's issued, subscribed, and paid-up equity share capital from ₹1,05,95,13,290 to ₹1,08,45,13,290. The newly allotted shares will have the same rights as existing equity shares.
About VL E-Governance & IT Solutions
VL E-Governance & IT Solutions Limited operates in e-governance services, IT/ITES system integration, B2B trade, and IT/ITES equipment trading. It is a major e-Government player in India, providing end-to-end services and system integration for various e-Government projects. The company has also completed international projects, such as digitizing land records for the Philippine government.
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