Hyderabad, May 26, 2023: Zen Technologies, a leading technology company, is pleased to announce the successful allotment of equity shares on the conversion of Compulsorily Convertible Debentures (CCDs) and Convertible Warrants. This significant milestone marks a pivotal moment in the company’s growth strategy and showcases the confidence of esteemed investors in Zen Technologies’ vision.
In accordance with the resolution passed by the shareholders of the Zen Technologies, and pursuant to the in-principle approval granted by the BSE and NSE on November 11, 2021 the Board of Directors, vide circular resolutions dated May 24, 2023, has approved the following:
The allotment of 40,64,627 equity shares of ₹ 1/- each on conversion of compulsorily convertible debentures (CCDs) to the holders of CCDs belonging to “Public Category” as detailed below:
|
Sr. No. Name of the Allottee Number of Equity
| 1. | Massachusetts Institute of Technology | 1,63,660 |
| 2. | Mukul Mahavir Agrawal | 11,26,765 |
| 3. | Chanakya Corporate Services Private Limited | 93,900 |
| 4. | University of Notre Dame DU LAC | 14,05,080 |
| 5. | GP Emerging Market Strategies LP | 4,05,440 |
| 6. | Pragma Fund SPC – Equities Segregated Portfolio | 2,29,652 |
| 7. | The Ram Fund LP | 4,52,330 |
| 8. | Jateen V Tanna | 93,900 |
| 9. | Emerge Capital Opportunities Scheme | 93,900 |
| Total | 40,64,627 |
The allotment of 4,69,633 equity shares on conversion of convertible warrants to the holders of warrants belonging to “Promoter Category” as detailed below:
|
Sr. No. Name of the Allottee Number of Equity
| 1. | Ashok Atluri | 2,34,883 |
| 2. | Kishore Dutt Atluri | 2,34,750 |
| Total | 4,69,633 |
The allotted equity shares will be credited to the respective allottees’ demat accounts within the stipulated timeframe, in accordance with the applicable regulations.
Mr Ashok Atluri, Chairman and Manging Director, expressed his gratitude with the successful conversion of CCDs and convertible warrants, stating, “Over the past year, we have diligently utilised the capital received to fuel our ambitious growth plans, invest in research and development, strengthen our presence in the export markets, and capitalize on emerging opportunities within the domestic market.
We are delighted to have renowned names on our shareholding, including Massachusetts Institute of Technology, University of Notre Dame DU LAC, GP Emerging Markets Strategies LP, The Ram Fund LP, Pragma Fund SPC – Equities Segregated Portfolio, Mukul Mahavir Agrawal, Jateen V Tanna, Emerge Capital Opportunities Scheme, and Chanakya Corporate Services Private Limited. It is a privilege to have such esteemed entities share our vision of creating long-term value, and we sincerely appreciate their confidence in Zen Technologies.
I extend my heartfelt gratitude to the allottees for their unwavering support. This conversion to equity shares further strengthens our balance sheet as we look forward to pursuing our growth objectives with greater vigour.“
