The company said the order includes supply of servers along with end-of-sale support and seven years of warranty support, backed by support from the original equipment manufacturer (OEM). The domestic order is to be executed within 18 weeks, according to the company’s regulatory filing.
Orient Technologies said the engagement does not involve any interest from the promoter, promoter group or group companies in the awarding entity. The order also does not fall under related party transactions.
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Last year, Orient Technologies Ltd shareholders approved the issue of bonus shares. In an exchange filing, the company said that its shareholders have approved the issue of bonus shares in the ratio of 1:10, which will be its first free share issue since its listing back in August last year.
This means that eligible shareholders will be entitled to one bonus share for every 10 shares that they own as on the record date, which will be determined later. The decision to issue bonus shares was approved by the company’s board along with its results for the September quarter, back in November this year.
Orient Technologies will issue bonus shares through capitalisation of ₹4.16 crore from the Securities Premium Account. The company has also received approval from the stock exchanges for the bonus issue of shares.
ALSO READ | Orient Technologies shares make strong market debut; list at 41% premium over IPO price
Orient Technologies offers data centre solutions, servers, storage, active and passive networking components like switches, routers, access points, etc., collaboration solutions and security solutions.
The company also offers end-user computing, which involves desktop management, end-user support and mobile device management. Cloud and Data Management Services, along with IT-enabled services, including migration of workload from data centres to cloud, among other services.
Shares of Orient Technologies Ltd ended at ₹259.05, up by ₹1.95, or 0.76%, on the BSE.
ALSO READ | Orient Technologies’ ₹215 crore IPO opens for subscription on August 21 — All You Need To Know
