Business News/ Markets / Zen Technologies stock up nearly 5% as board approves CCD conversion

The shares of Zen Technologies jumped nearly 5 per cent in Thursdays's trade as the board approval to convert compulsorily convertible debentures (CCDs) into equity shares.

The company's scrip was up by 4.74 per cent to 346.65 on BSE at the time of writing this copy.

Zen Technologies board approved the allotment of 40,64,627 shares of Re 1 to holders of CCDs belonging to public category which includes University of Notre Dame DU LAC (14,05,080), Mukul Mahavir Agrawal (11,26,765 shares), Massachusetts Institute of Technology (1,63,660 shares).

The company board also approved the allotment of 4,69,633 shares to two promoters Ashok Atluri (2,34,883 shares) and Kishore Dutt Atluri (2,34,750 shares) on conversion of convertible warrants.

“Over the past year, we have diligently utilised the capital received to fuel our ambitious growth plans, invest in research and development, strengthen our presence in the export markets, and capitalize on emerging opportunities within the domestic market," said Ashok Atluri, Chairman and Manging Director

"We are delighted to have renowned names on our shareholding, including Massachusetts Institute of Technology, University of Notre Dame DU LAC, GP Emerging Markets Strategies LP, The Ram Fund LP, Pragma Fund SPC - Equities Segregated Portfolio, Mukul Mahavir Agrawal, Jateen V Tanna, Emerge Capital Opportunities Scheme, and Chanakya Corporate Services Private Limited. It is a privilege to have such esteemed entities share our vision of creating long-term value, and we sincerely appreciate their confidence in Zen Technologies," he added.

The allotted equity shares will be credited to the respective allottees' demat accounts within the stipulated timeframe, in accordance with the applicable regulations, Zen Technologies said.

The company has reported robust growth in its order book and its YoY revenue grew over 200 per cent. Company reported YoY growth in EBIDA over 700 per cent whereas company's YoY PAT grew over 1750 per cent.

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Updated: 25 May 2023, 02:08 PM IST
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