Multibagger One Point One Solutions' Board Approves Increase In Share Capital

The board of the One Point One Solutions has approved increase in the authorized share capital. The company in a regulatory filing informed the shareholders that the board also approved the issuance and allotment of the equity shares and warrants. The company serves industries such as e-commerce, retail, consumer durables, FMCG, banking/finance, travel, hospitality, and insurance. It has service centres in Navi Mumbai, Gurgaon, Chennai, Bangalore, and Indore.

The board approved the issuance and allotment of over 37 crore equity shares and 1.67 crore equity warrants of face value of Rs 2 each. "These will be issued to certain identified persons belonging to the promoter and non-promoter categories for cash, at an issue price of INR 56/- per equity share and per equity warrant," the company said in a statement.

The board also approved an increase in the authorized share capital of the company from Rs 50 crore to Rs 70 crore. In February this year, the company also acquired a majority stake in rival firm ITCube Solutions for Rs 84 crore.

“This strategic move aims to raise significant capital to fuel the company's growth and expansion plans. The funds raised will be utilized to strengthen the Company's balance sheet, invest in new technologies, invest in Mergers and Acquisitions to expand the footprint to other geographies, and enhance service offerings, thereby driving long-term value for shareholders,” the company said.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)