Private investment firm Atyant Capital, and the US-based Vanderbilt University, will invest Ramco Systems by subscribing to a preferential offer of equity shares in the company. Chennai-based Ramco Systems told the stock exchanges today that it would raise ₹160 crore by a combination of issue of warrants to the promoter (₹40 crore) and issue of equity shares to Ramco Indutries, Atyant and Vanderbilt University.
Ramco Systems will issue 14.59 lakh warrants at a price of ₹274 per warrant, aggregating to ₹40 crore to the promoter PR Venketrama Raja.
The company will further issue 43.79 lakh equity shares of face value of ₹10 each at a price of ₹274 per share aggregating to ₹120 crore to Ramco Industries and the two non-promoters, according to a communication to the Bombay Stock Exchange.
The share
Atyant Capital Fund-I and Vanderbilt University will be allotted 13.68 lakh shares (3.89 per cent) each.
Each of the warrants is exercisable in to one equity share having face convertible–value of ₹10 each. The tenor of the warrants is 18 months from the date of their allotment. The warrants shall be convertible in one or more tranches, the communication to the BSE said.
Atyant Capital is exclusively focussed on the Indian market. Based in Tennessese, Vanderbilt is an independent, privately supported university — and the affiliated nonprofit Vanderbilt University Medical Center engage in frequent cross-disciplinary collaboration to drive innovation and positive change across society at large.
Ramco Systems’ stock price on the BSE closed at ₹262.15, up by ₹1.10 or 0.42 per cent.