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Stock Report
Ramco Industries Ltd makes further investment in Ramco Systems Ltd
Posted On : 2023-02-03 09:27:31( TIMEZONE : IST )
The Board of Directors of M/s. Ramco Systems Limited (RSL) had, at its Meeting held on 1.2.2023 approved the allotment of 16,42,335 Equity Shares of face value of Rs. 10/- each at an issue price of Rs. 274/- (including a Premium of Rs. 264/-) on Preferential basis to the Company.
Consequent to the investment, the total shareholding of our Company in RSL is 71,09,711 shares of face value of Rs.10/- each constituting 19.38% of its paid up share capital (post conversion of warrants into equity shares by RSL).
The Company requires infusion of funds to strengthen the long-term resources of the Company for meeting funding requirements of its business activities. It is proposed to utilise the proceeds of the preferential issue partly to repay the existing/future loans and partly to use for general corporate purposes including the working capital augmentation.
M/s. Ramco Systems Limited engaged in Research and Development of Enterprise wide Resource Planning (ERP) Software and other computer application software, marketing of software and dealing in computer related hardware and software, and rendering professional services in India and marketing of Softruare and rendering professional services outside India. The Registered ffice is at Rajapalayam.
Shares of Ramco Industries Limited was last trading in BSE at Rs. 144.55 as compared to the previous close of Rs. 147.75. The total number of shares traded during the day was 4656 in over 321 trades.
The stock hit an intraday high of Rs. 149.05 and intraday low of 142.00. The net turnover during the day was Rs. 685784.00.
Shares of Ramco Systems Limited was last trading in BSE at Rs. 233.50 as compared to the previous close of Rs. 239.10. The total number of shares traded during the day was 15666 in over 1005 trades.
The stock hit an intraday high of Rs. 248.00 and intraday low of 232.35. The net turnover during the day was Rs. 3746815.00.
