Affle India board approves raising funds via preferential issue of upto 35 lakh equity shares

Global technology company Affle India announced that its board of directors on Wednesday approved the proposal of a preferential issue of shares of the company.

The company informed stock exchanges that its board, at the meeting held on December 14, accepted the proposal for the preferential issue, or any other permissible mode, of up to 35 lakh equity shares of face value of Rs 2 per equity share.

The company will be issuing equity shares or any combination thereof for consideration other than cash, including a swap of shares with other companies. Swap shares of companies would be subject to applicable laws, as well as necessary shareholder and regulatory approvals.

Affle India had announced on December 11 that it would be looking for an issue of equity through a preferential issue in order to facilitate any inorganic growth at the company.

Affle India is engaged in providing mobile advertisement services through information technology and software development platform. In the September 2022 quarter, the company reported a 29 percent jump in its top line compared to last year. Net profit increased 40 percent from the year-ago period.

Shares of the company closed 0.20 lower at Rs 1161.30. The stock has declined in nine out of the last 10 trading sessions.