Mumbai (Maharashtra) [India], (*27*) 26: Cressanda Solutions Ltd – a number one firm offering IT options, digital media, and IT-enabled providers, is scheduled to open its Rs. 49.30/- crore rights problem on (*27*) twenty seventh 2023. The funds raised by means of the problem will likely be utilized to meet the working capital necessities to fund the corporate’s growth plans and for basic company functions. The precise problem is attractively priced at Rs. 20/- per share in contrast to the present share value of Rs. 27.12 per share. Rights Issue will shut on 11th July 2023.
The Firm will problem 2,46,49,2096 partly-paid fairness shares of the face worth of Rs. 1/- every at a value of Rs. 20/- per rights share (together with a premium of Rs. 19/- per Fairness Share) aggregating to Rs. 49.30/- crore. The rights entitlement ratio for the proposed rights problem is 6:97; 6 rights fairness shares of Rs.1/- every for each 97 fairness shares of Rs.1/- every held by the eligible fairness shareholders as of the file date – sixteenth (*27*) 2023. Shareholders may have to pay 50% – Rs 10/- per share (together with a premium of Rs. 9.5 per share) on rights problem utility and the remaining 50% – Rs. 10/- per share (together with a premium of Rs. 9.5 per share) on a number of calls as determined by the board.
The final date for On-market Renunciation of Rights Entitlements is fifth July 2023. Put up the rights problem, the share capital of the corporate will improve from Rs. 39.84 crore (39.84 crore fairness shares of Rs. 1 every) to Rs. 42.31 crore (42.31 crore fairness shares of Rs. 1 every).
Commenting on the event, Mr Manohar Iyer, Managing Director and CEO, Cressanda Solutions Restricted, mentioned, “Firm has taken essential strategic initiatives within the latest previous with a spotlight to increase its operations. Cressanda is on the cusp of rising exponentially with two marquee Railway tasks. We’re assured that after the proposed rights problem, we will likely be in a position to execute our progress technique in a way that creates exponential worth for all stakeholders. Proceeds of the problem will additional strengthen firm’s steadiness sheet and assist fund its strategic progress initiatives.”
Cressanda Solutions receives a piece order from Japanese Railways to present commercial and Concierge Providers in over 500 trains
The corporate has not too long ago acquired a piece order from Japanese Railway for offering promoting and concierge providers in trains. The corporate has paid the requisite 1st quarter license charges and securities deposit to the railway authority. The contract will likely be commenced inside 60 days of the receipt of the Work Order.
The corporate has not too long ago gained the bid in a not too long ago concluded tender floated by Japanese Railway, Ministry of Railways, in direction of the “Provision of commercial in EMU trains and provision of concierge providers together with commercial in Mail/Specific and Premium trains operated with rakes whose main upkeep is finished by Japanese Railway”. Cressanda was profitable in its bid and has acquired an Supply Letter from Japanese Railway and full the formalities to begin the implementation. This contract is legitimate for a interval of 5 years.
As a part of the Japanese Railway tender, Cressanda will get rights to promote on inside/exterior surfaces of over 500 Mail Specific/Premium trains/Inter-city trains/Native trains and supply a bouquet of providers comprising the on-board sale of non-catering travel-related gadgets onboard Wi-Fi, web providers and Content material on Demand in Mail/Specific and premium trains.
Within the month of January 2023, the corporate bagged a prestigious order for in-coach digital promoting within the Kolkata Metro for a interval of 5 years. The corporate is within the course of of putting in over 700 screens inside Kolkata Metro coaches offering Digital Leisure together with working digital promoting. The corporate additionally has submitted a proposal to Kolkata Metro to present Wi-Fi in coaches and Content material-on-Demand providers. The corporate goals to serve 7-8 lakh passengers day by day with an annual goal of 15 crore passengers and above. The corporate is within the superior phases of the contract for offering in-coach Wi-Fi providers.
In one other essential improvement, Cressanda has additionally joined arms with Broadcast Engineering Consultants India Restricted (BECIL), a Govt. of India MINI RATNA Enterprise below the Ministry of Data and Broadcasting and signed a joint consortium to bid for this marquee tender from the Ministry of Railways.
Cressanda Solutions Ltd is an India-based firm engaged in offering data expertise (IT), digital media and IT-enabled providers. The corporate offers two sorts of merchandise: Expertise nXT and Infra nXT. The corporate has embarked on a transformational journey to innovate, increase and combine its expertise choices with capabilities to serve bigger organizational alternatives. These service contracts will usually have a worthwhile and long-term monetary profile and may have a profound social impression.
Cressanda Solutions introduced a bumper end in FY23
The corporate has reported a complete revenue of Rs.91.02 crores in the course of the Monetary 12 months ended March 31, 2023, as in contrast to Rs.0.24 crores in the course of the Monetary 12 months ended March 31, 2022. The corporate has posted a web revenue of Rs.6.08 crores for the Monetary 12 months ended March 31, 2023, as towards a web revenue of Rs.0.26 crores for the Monetary 12 months ended March 31, 2022.
To ship and efficiently execute turnkey tasks, the corporate, in its new incarnation, has partnered with best-in-class companions and has high expertise with deep area experience. As the corporate has branched out prior to now yr by making large acquisitions, Cressanda Solutions is on its method to turning into an enormous firm with its new method. Other than this, it has began increasing its attain by organising a number of wholly-owned subsidiaries.
The corporate appointed Mr Satya Prakash, an Ex-member of the Railway Board and Former Senior Govt of Railways on the board
Cressanda Solutions Ltd has appointed Mr Satya Prakash, Ex-member of the Railway Board, Former Senior Govt of Railways and IIT Delhi 1974 Alumni as an advisor on the board. Trade veteran Mr Satya Prakash joined the Indian Railway Visitors Service in 1977 on the premise of the then IAS ETC examination of UPSC 1976.
Mr Satya Prakash has labored for over 4 a long time at Indian Railways in numerous railway departments on Central, Japanese, Northern and Western Railways and Railway Board, Railway Tribunal and so on. In his final stint, he was working as a Decide on the Railway Tribunal and as an Further member – IT, together with many strategic positions at Indian Railways.
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