The Board of Directors of GSS Infotech Ltd has approved the issuance of 28,000,000 convertible warrants to promoters and non-promoters (“proposed warrant holders”) at a price of Rs. 107 / – per warrants. convertible subscription with the right to the holder of warrants to request and be allocated 1 (one) share of capital of the nominal value of Rs. 10 / – each of the Company at a premium of Rs. 97 / – per warrant convertible within 18 (Eighteen) months from the date of grant of the warrants, totaling up to Rs. 29.96,00,000 / – (rupees twenty-nine crore ninety-six lakes only) on a preferential basis.
The Council identified M / s. Polimeraas Limited as a potential target valued at around Rs. 250 crore according to the appraisal certificate dated 02-12-2021 placed before the board of directors approved the investment in Polimeraas Ltd. Rs. 10 each from Polimeraas Limited priced at Rs. 250 per share, for a consideration of Rs. 25 crore.
The draft transaction documents were submitted to the board and the board approved the proposed transaction and authorized Mr. Bhargav Marepally, Managing Director, to negotiate, enter into all deeds of agreement, amend them and execute the final agreements and the proposal to merge Polimeraas. Agros LLP (which will be converted to Polimeraas Agros Private Limited) with GSS, subject to the consent of the Company’s shareholders, stock exchanges and other regulatory authorities.
After the conversion of Polimeraas Agros LLP into Polimeraas Agros Pvt Ltd and the merger of Polimeraas Agros Pvt Ltd with GSS, the company will allocate 92.20,000 shares to the shareholders of Polimeraas Agros Pvt Ltd. GSS will also issue convertible securities with option to buy (at the request of GSS) to shareholders of Polimeraas Agro Pvt, Ltd for the balance of the consideration according to the valuation report which are convertible / redeemable after 12 months extensible up to 18 months.
The Board of Directors considered the proposal to explore various options to raise funds not exceeding Rs. 500 crore (rupees five hundred crore) through follow-up public issuance, or any other method on the basis of a private placement, through one or more authorized methods or issuance of securities in a combination thereof, etc., subject to the approval of the shareholders of the Company.
The Board of Directors considered the proposal to explore various options to raise funds not exceeding 500 crore rupees (five hundred crore rupees) through the placement of shares with qualified institutional buyers via the placement. Qualified Institutions (QIP) subject to the approval of the Company’s shareholders. .
Shares of GSS Infotech Limited were last trading in BSE at Rs. 121.00 from the previous close of Rs. 115.25. The total number of shares traded during the day was 6,544 in more than 30 trades.
The stock hit an intraday high of Rs. 121.00 and an intraday low of 121.00. The net turnover during the day was Rs. 791 824.00.