Virinchi Limited announced that it has received INR 205 million in funding from P.K.I. Solutions Private Limited and other investors
January 05, 2018
Share
Virinchi Technologies Ltd (BSE: 532372) announced a private placement of 1,400,000 equity shares at a price of INR 100 per share for gross proceeds of INR 140,000,000 and 2,600,000 convertible equity warrants at INR 100 per warrant on preferential basis on January 6,2018. The company will receive 25% of the price of warrants at the time of issuance thus bringing the aggregate proceeds raised in the transaction to INR 65,000,000. The remaining 75% will be received at the time of exercise of warrants. The equity shares were issued to following strategic investors; M/s. Mallernlonda Realities Pdvate Ltd for 500,000 shares, Mohan Kumar Tayal for 500,000 shares, M/s. Magadha Inlracon Private Ltd for 250,000 shares, D. Pavan Kumar for 50,000 shares, Vasudha Malwah for 50,000 shares and Prem Kunar Bajaj for 50,000 shares. The convertible equity warrants were issued to following promoters; .Kompella Lopa Mudra for 500,000 warrants, Master Kompella Ramakdshna Paramahamsa for 500,000 warrants, Kompella Modini for 500,000, P.K.I. Solutions Private Limited for 600,000 warrants for gross proceeds of INR 15,000,000, Bharat Megawatts Gen Private Ltd for 200,000 warrants and Shri Shri Resorts Private Ltd for 300,000 warrants. The board of directors of the company approved the transaction.
Virinchi Limited is an India-based information technology (IT) products and services company. The Company has developed and retained IP in several software products operating in supply chain management and alternate financial services. It operates through four segments: SaaS Business (US Fintech), IDC and IT Services, Health Care Services, and Payment and Credit Services (India Fintech). Its products and solutions include QFund, Enterprise Enabler, FairShare, Virinchi Manufacturing, Virinchi TPIA, eTendering, eLogistics, iAcquisto, Catalog Manager, Online Auction, eSales, Community Collaborator, and TrakPORT, among others. Its QFund product provides a Web based PoS solution capable of handling various short term finance transactions such as payday loan, check cashing, installment loan, title loan and auto/equity loan. The Company provides various services, such as application development, mobile application development, data warehousing and packaged development services, among others.