Suven Life Sciences to raise up to Rs 400 crore through rights issue; stock slips 0.72%

24 Jun 2022 , 03:02 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.