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SecureKloud Tech jumps as board okays US listing of subsidiaries

Our Bureau Chennai | Updated on August 30, 2021

Board approves proposal to raise capital up to $100 m by wholly-owned subsidiary Blockedge Technologies Inc

Shares of SecureKloud Technologies jumped 6.7 per cent to ₹142.60 on the BSE after the company's board approved capital raising proposal by its overseas subsidiaries.

The board of SecureKloud Technologies (formerly 8K Miles Software Services) on Monday approved a proposal to raise capital up to $100 million instead of $20 million (approved earlier on August 6) by its wholly-owned subsidiary, Blockedge Technologies Inc (formerly 8K Health Cloud Inc, USA), for growth and expansion. The fund-raising will be through PE Investments/initial public offering in the US capital markets/SPAC/ICO and or other strategic investors subject to the approval of shareholders in the ensuing annual general meeting scheduled on September 30, 2021. Consequent to this fund raise, the company may cease to have control over Blockedge Technologies Inc.

Similarly, another overseas subsidiary SecureKloud Technologies Inc has also received nod from the board to raise $100 million.

The board also accorded its consent to raise an additional capital by Healthcare Triangle Inc up to $100 million by way of PE Investments/primary issue of shares in the US capital markets and/or other strategic investors subject to the shareholders approval. The stock closed at ₹136.60, up 3 per cent, on the BSE.

Published on August 30, 2021

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