SoftTech Announces Successful Conversion of Share Warrants Allotted to Florintree
SoftTech Engineers Limited (Softtech), a leading AEC-focused SAAS technology company, is pleased to announce that SoftTech is in the process of converting the share warrants allotted to Florintree Technologies LLP, (a non-promoter entity) into Equity shares, upon receipt of full amount for warrants. Post this conversion, Florintree Technologies LLP (“Florintree”) will hold 15.60% stake in the Company.
Florintree had committed Rs. 25 crores in the form of 20,00,000 Fully Convertible Warrants through preferential allotment on October 05, 2022. Florintree has funded for the warrants over multiple tranches though the year, well within the 18-month conversion period available. Further, Intimation of allotment of 20,00,000 convertible warrants on preferential allotment basis to Florintree Technologies LLP was intimated to Stock Exchanges on October 06, 2022.
Mr. Vijay Gupta, Chairman & Managing Director of the Company expressed his enthusiasm about the prospects, stating, “We are immensely pleased with the strong show ofconfidence from Florintree Technologies LLP. The successful receipt of funds underscores their belief in our vision and the promising future that lies ahead for the Company.”
Florintree, led by Mr. Mathew Cyriac, specializes in providing growth capital to companies with strong future outlooks and scalable business models. Mathew said “We are very excited about our investment in Softtech. Softtech’s software has transformed the real estate and building approval process across states in India and has the potential to scale globally.”
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