24 Jun 2022 , 03:15 PM
The board of Suven Life Sciences approved funding up to Rs400 crore through the issuance of equity shares on a rights basis, the company announced on Friday.
Suven Life Sciences stated in a regulatory filing that the company's board has approved raising money through the issuing and allotment of equity shares with a face value of Re 1 a piece up to a total of Rs400 crore on a rights basis.
A duly formed committee of the board would later select the terms and conditions for such a rights issue to qualified equity shareholders of the company.
The authorized share capital was increased from Rs20 crore divided into 20 crore equity shares of Re 1 each to Rs 30 crore divided into 30 crore equity shares of Re 1 each, along with a corresponding adjustment to the company's memorandum of association, according to the statement.
Now the matter depends on shareholder approval.
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