Alphalogic Techsys rises 3% as it announced IPO dates for subsidiary

The company said Alphalogic Industries Limited will be issuing 13,41,600 equity shares of face value of Rs 10 each for cash at a price of Rs 96 per share.

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Shares of Alphalogic Techsys jumped on June 26 after the company announced the initial public offer (IPO) of its subsidiary Alphalogic Industries Limited, which is set to open for public bidding on July 3. The issue will unlock value for current shareholders of Alphalogic Techsys and thus is positive for shareholders. This has led to further buying in the market.

As of 10.40 am, the stock traded up 3.22 percent to Rs 47.10 on BSE.

The company said Alphalogic Industries Limited will be issuing 13,41,600 equity shares of face value of Rs 10 each for cash at a price of Rs 96 per share. Thus, it will raise a total Rs 12.88 crore. It has reserved 1,33,200 equity shares worth Rs 1.28 crore for subscription by shareholders of Alphalogic Techsys Limited. Besides, 67,200 shares have been reserved for subscriptions by the “market maker” to the issue.

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The bids must be for a minimum of 1,200 shares and in multiples of 1,200 shares thereafter. Alphalogic Techsys Shareholders in the Alphalogic Techsys Reservation Portion can bid for any number of specified securities but not exceeding the reserved portion for that category, the company said in regulatory filing.

Alphalogic Techsys shareholders can also bid under the Net Offer Portion (that is, besides those reserved specifically for them) and such bids will not be treated as multiple bids subject to complying with the eligibility criteria and applicable limits.

The bidding for shares will close on July 6.