One Point One Solutions shares rise 14% in two sessions of 2024; Here's why

Shares of One Point One Solutions Ltd extended its gains on Tuesday and rose another 5 per cent to hit a new 52-week high during the session. The stock has gained about 14 per cent in the first two trading sessions of 2024. The company recently approved conversion of select warrants into equity shares.

The company had allotted 3.44 crore convertible warrants at an issue price of Rs 28.32 apiece on October 27, 2023. Each warrant of the company was convertible into one equity share with a face value of Rs 2 each. The company issued warrants on the payment of 25 per cent by the allottees of the issue.

The company board of One Point considered and approved the conversion of 2,00,001 convertible warrants into 2,00,001 equity shares with a face value of Rs 2 each, on preferential basis, upon receipt of an amount aggregating to Rs 42,48,021.24 at the rate of Rs 21.24 per warrant, being 75 per cent of the issue price per warrant, said the company in the exchange filing.

Consequent to this conversion of warrants/allotment of equity shares, 1,84,50,000 warrants remain pending for conversion and these warrant holders are entitled to get their warrants converted into equal number of equity shares of the company by paying remaining 75 per cent, that is, Rs. 21.24 per warrant within 18 months from the date of warrant allotment, said the filing.

Following the announcement, shares of One Point One Solutions gained more than 4.65 per cent to Rs 58.20 on Tuesday, commanding a total market capitalization of more than Rs 1,100 crore. The scrip surged about 14 per cent in the last two sessions from Rs 50.85 on December 29, 2023.

One Point One Solutions is specialized in the business of customer life cycle management, business process management and technology servicing. The company provides solutions to a wide variety of industries including banking and finance, telecom, insurance, consumer durables and FMCG, e-commerce, retail, and more.

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