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Suven Life Sciences said in a regulatory submitting that the corporate’s board has permitted elevating cash via the issuing and allotment of fairness shares with a face worth of Re 1 a bit as much as a complete of Rs400 crore on a rights foundation.
A duly fashioned committee of the board would later choose the phrases and circumstances for such a rights difficulty to certified fairness shareholders of the corporate.
The licensed share capital was elevated from Rs20 crore divided into 20 crore fairness shares of Re 1 every to Rs 30 crore divided into 30 crore fairness shares of Re 1 every, together with a corresponding adjustment to the corporate’s memorandum of affiliation, in keeping with the assertion.
Now the matter is determined by shareholder approval.
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