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Enterprise software company Ramco Systems Ltd. on Thursday announced that its board has approved raising Rs 160 crore through a preferential issue of warrants and equity shares to promoters and two non-promoter entities.

Under the proposal, up to 43,79,561 equity shares would be issued to promoters and two non-promoter entities at a price of Rs 274 per share, aggregating to Rs 120 crore.

In addition, up to 14,59,854 Fully Convertible Equity Warrants each carrying a right exercisable by the warrant holder to subscribe to one equity share of face value Rs 10 per unit would be issued at a price of Rs 274, aggregating to Rs 40 crore.

Warrants would be issued to promoter entity PR Venketrama Raja while equity shares would be issued to promoter entity Ramco Industries Ltd., non-promoter entities Atyant Capital India Fund- I and Vanderbilt University.

Ramco Systems, a part of the Chennai-based Ramco Group, develops enterprise resource planning (ERP) software solutions for various verticals in domains like core ERP, human resources and payroll; aviation maintenance repair and overhaul, Logistics and service resource planning, among others.

For the September 2022 quarter, the global consolidated income of Ramco Systems stood at $15.14 million (approx. Rs 120 crore), while the net loss after tax amounted to $7.64 million (approx. Rs 60.3 crore).

Shares of Ramco Systems ended 0.5 percent lower at Rs 260.30.