Suyog Telematics Withdraws Proposed Preferential Issue of Warrants and Shares

Suyog Telematics Ltd has announced the withdrawal of its previously proposed preferential issue of 533,333 warrants and 910,665 shares. This decision reverses the board's approval from December 21, 2024, which had planned to issue these securities to raise funds. The company had initially intended to offer the warrants at ₹1,875 each, including a premium of ₹1,865, convertible into equity shares within 18 months. The equity shares were also to be issued at the same price. This withdrawal comes just weeks before the scheduled Extraordinary General Meeting on January 17, 2025, where shareholders were to vote on the proposal. The company has not provided specific reasons for this reversal.
Source: Company Announcement