Mumbai based Technology solutions company, Varanium Cloud Limited is planning to raise Rs. 49.46 crore from the rights issue. Company’s rights issue is scheduled to open on 28th September 2023 and priced at Rs. 123/- per share. The funds raised through the issue will be utilized to meet the working capital requirements, fund the company's expansion plans and for general corporate purposes. Rights Issue will close on 4th October 2023.
The Company will issue 40,20,574 fully-paid equity shares of face value of Rs. 5 each at a price of Rs. 123/- per rights share (including a premium of Rs. 118/- per Equity Share) aggregating to Rs. 49.46 crore. The rights entitlement ratio for the proposed rights issue is 1:10; 1 rights equity shares of Rs. 5 each for every 10 equity shares of Rs. 5 each held by the eligible equity shareholders as on the record date – 15th September 2023. Shareholders will have to pay 50% - Rs 61.5/- per share on rights issue application and remaining 50% - Rs. 61.5/- per share on one or more calls as decided by the board.
Company has reported robust financial results for the financial year ended 2022-23. Revenues for the company increased 984% to Rs. 383.37 crore in FY23 as against revenues of Rs. 35.35 crore in FY22. Net Profit too jumped 917% to Rs. 85.46 crore as compared to the net profit of Rs. 8.4 crore in FY22. Reserves and surplus as on March 2023 was reported at Rs. 91.22 crore and assets at Rs. 183.99 crore.
Company continued the growth momentum in Q1FY24. In the June quarter of 2023, the company reported sales of Rs. 170.61 crore, marking a 13.49% Q-o-Q and 227.25% Y-o-Y growth. EBITDA stood at Rs. 55.09 crore with a 32.29% margin, a growth of 29% Q-o-Q and 73% Y-o-Y. Net profit witnessed significant growth at Rs. 29.48 crore in March 2023 quarter, marking a 37.96% increase.
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