Athena Global Technologies Limited has announced its financial results for the first quarter ended June 30, along with significant corporate actions. The company's Board of Directors approved both standalone and consolidated unaudited financial results at a meeting held on August 11.

Financial Performance

The company's consolidated results include its subsidiaries Medley Medical Solutions Private Limited, Tutoroot Technologies Private Limited, and Athena Inc. The performance of these subsidiaries for the quarter was as follows:

Warrant Conversion

In a significant move, Athena Global Technologies has converted 6,50,000 share warrants into equity shares. These warrants were originally allotted to Mr. Karthikeya Manchala on February 12, 2024. The conversion price was set at ₹87 per share, which includes a premium of ₹77 over the face value of ₹10 per share.

Fund Utilization

The company had previously raised ₹5.65 crore through a preferential issue of share warrants. As of June 30, Athena Global Technologies has received ₹1.41 crore as an upfront payment, representing 25% of the total warrant amount. The funds are allocated for various purposes including:

1. Long-term capital requirements for future growth
2. Working capital needs
3. Debt reduction
4. General corporate purposes

Regulatory Compliance

The company has submitted its financial results in compliance with Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Independent auditors have reviewed both the standalone and consolidated financial results, finding no material misstatements or deviations from accounting standards.

Athena Global Technologies continues to focus on its growth strategy, utilizing the funds raised to strengthen its financial position and support its operational needs. The conversion of warrants into equity shares demonstrates investor confidence in the company's future prospects.

Athena Global Technologies Limited (BSE: 517429) has announced significant changes to its corporate strategy, as revealed in the company's latest board meeting outcome. The tech firm has made two key decisions that could potentially impact its financial structure and asset utilization.

Withdrawal of Non-Convertible Debentures Issue

In a surprising move, Athena Global Technologies has decided to withdraw its previously planned issue of Non-Convertible Debentures (NCDs). The company had initially approved the issuance of secured, rated, listed, redeemable NCDs aggregating up to ₹150 crores on a private placement basis. This decision was originally communicated to stakeholders in August and November 2024.

The board cited the "non-fulfilment of one of the conditions of the sanction letter" as the reason for withdrawing the NCD issue. This development may signal a shift in the company's debt financing strategy and could affect its capital structure plans.

Approval for Sale or Lease of SEZ Property

In another significant decision, the board has authorized the sale or lease of up to 1,50,000 square feet of its Special Economic Zone (SEZ) property. The property is located at Survey no. 203/P, Manikonda Village, Rajendra Mandal, Ranga Reddy Dist., Hyderabad, Telangana-500032.

Mr. M Satyendra, the Chairman & Managing Director of Athena Global Technologies, has been given the authority to:

• Finalize the terms and conditions of the sale or lease
• Negotiate with potential buyers or lessees
• Execute all necessary agreements and documents
• Comply with SEZ regulations and deal with relevant authorities

This move suggests that Athena Global Technologies is looking to optimize its real estate assets, which could potentially lead to improved liquidity or recurring rental income, depending on whether the company opts for a sale or lease arrangement.

Implications for Investors

These corporate actions indicate that Athena Global Technologies is actively managing its financial resources and assets. The withdrawal of the NCD issue might impact the company's planned fundraising efforts, while the potential sale or lease of SEZ property could unlock value from existing assets.

Investors and market watchers will likely be keen to see how these decisions affect the company's balance sheet and future growth strategies. The company's ability to adapt its financial plans and utilize its property assets efficiently may be crucial factors in its performance going forward.

The board meeting that resulted in these decisions was held on Tuesday, February 25, 2025, commencing at 7:00 P.M. and concluding at 8:15 P.M. As the situation develops, stakeholders will be watching closely for any further updates or clarifications from the company regarding these strategic moves.