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

The board of Suven Life Sciences permitted funding as much as Rs400 crore via the issuance of fairness shares on a rights foundation, the corporate introduced on Friday.

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.