Sylph Technologies share price was locked at 10% upper circuit limit of ₹1.27 on Friday, December 6, after the company’s board of directors approved fundraising plans through rights issue of shares. Sylph Technologies shares opened at ₹1.25 apiece as against previous close of ₹1.16 apiece on the BSE. The smallcap stock rose to a high of ₹1.27 per share to hit the upper circuit.

The board of directors of Sylph Technologies approved raising of funds through issuance and allotment of equity shares having face value of Re 1 each for an aggregate amount of ₹49 crore on right issue basis to the eligible equity shareholders of the company.

The record date for the right issue will be notified subsequently subject to the receipt of applicable regulatory and statutory approvals, Sylph Technologies said in a stock exchange filing.

The company’s board also approved the constitution of the Rights Issue Committee consisting of Minaxi Pareek as Chairperson, and Pankaj Kalra and Pranay Vaid as members of the committee.

Sylph Technologies Share Price Trend

Sylph Technologies is a small-cap stock with a market capitalisation of over ₹45 crore. Sylph Technologies share price has rallied nearly 30% in one week and 21% in one month. However, the penny stock has fallen over 36% in six months and more than 68% year-to-date (YTD).

Sylph Technologies is a software technology firm. According to the company’s website, it provides software development services, such as outsourcing software development, web development, product development, strategy consulting, offshore software development, and e-commerce for web and mobile enablement.

At 2:40 pm, Sylph Technologies shares were still locked at 10% upper circuit of ₹1.27 apiece on the BSE.

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