Small-cap stock: Quicktouch Technologies share price surged over 9 per cent in morning trade on NSE on Wednesday, September 25, a day after the company announced its board of directors had allotted nearly 32 lakh shares to promoters and the public category. Quicktouch Tech shares opened at ₹153 against its previous close of ₹146 and soon jumped 9.2 per cent to the level of ₹159.50. Around 10:10 am, the stock traded 6.16 per cent higher at ₹155 apiece.
After market hours on Tuesday, September 24, the company said, “The board had made allotment of 31,72,200 equity shares of the face value of ₹10 each to the persons belonging to promoter and promoter group and public category, for cash, at an issue price of ₹144 per share, for an aggregate amount of ₹45,67,96,800 on a preferential basis.”
Among the promoters, BIR Foods & Restaurants Private Limited and Genius Townships Private Limited were allotted 10,00,000 and 4,72,200 shares, respectively.
After the share allotment, the paid-up equity capital of the company rose to ₹9,81,59,960, comprising 98,15,996 shares of face value of ₹10.
The current market capitalisation of the stock is ₹96.57 crore.
The stock hit its 52-week high of ₹274 on October 26 last year and its 52-week low of ₹105 on June 6 this year. Till September 24 close, the stock was down 26 per cent year-to-date.
Apart from share allotment, the company's board approved several other projects and initiatives on Tuesday.
The board also approved a strategic initiative to implement green/ renewable energy solutions across various educational institutions, including the installation of solar panels. This marks Quicktouch’s foray into the renewable energy sector.
"The company will pursue a green/renewable energy project through a joint venture with a renowned partner or by establishing a wholly owned subsidiary. The initiative aligns with the company’s long-term vision of promoting sustainability and reducing carbon footprints while providing cost-effective energy solutions to educational institutions. This development reflects Quicktouch's commitment to environmental stewardship and growth in the clean energy market," it said.
Moreover, the company's board approved a collaborative project with Srikaya Foundation to establish an incubation centre, with an initial funding of ₹10 crore for the setup and promotion of the centre, which will provide infrastructure, business mentorship, technology support, and financial assistance to early-stage startups and entrepreneurs.
The company's board has approved the launching of a new product, Digital Yodha, a channel partner application designed to enhance business development through various channel partners.
"This innovative application will enable channel partners to onboard themselves to sell and promote Quicktouch's diverse range of products across different geographical markets. By streamlining the onboarding process and providing tools for effective promotion, Digital Yodha aims to strengthen Quicktouch's market presence and expand its reach through strategic partnerships," said the company.
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