Less Than Rs 10 Stock Hit Upper Circuit

Sylph Technologies Ltd: The market closed in a downtrend on Friday. In the past, the market experienced an increase throughout the week.

This means that, the share of the small-cap company Sylph Technologies has hit an upper circuit of 10 percent.

This increase in the price of the penny share came following the company’s approval to raise money through rights issues.

10 Percent Upper Circuit

Share of Sylph Technologies today closed 10 percent higher at Rs 1.27 from the previous closing. This week, the company’s share has seen a steady increase.

The share has increased by 27 percent over the last five days. However, there’s seen a rise of 20 percent over the space of a month.

In the past six months, the share that is owned by Sylph Technologies Ltd has declined by more than 36 percent, and in the last year, it was able to sustain an increase of more than 66 percent.

Preparation To Raise 49 Through A Rights Issue

Sylph Technologies’ board has approved the issue of equity shares with an amount of 1 rupee to raise approximately Rs 49 crore by rights issues to shareholders with equity rights eligible by the company.

Sylph Technologies Ltd said through an exchange document that the date of record for rights issues will be announced following receipt of any regulatory or legal approvals.

The company will create an advisory committee to this, with Meenakshi Pareek as its chairperson, with Pankaj Kalra and Pranay Vaidya as the members.

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