Suven Life Sciences Plans To Raise Up To Rs 400 Crore Through Rights Issue
Suven Life Sciences has also increased its authorised share capital to Rs 30 crore from Rs 20 crore, subject to approval of shareholders.
The board of Suven Life Sciences Ltd. has approved raising up to Rs 400 crore through issuance of equity shares on a rights basis.
Equity shares of face value Rs 1 apiece aggregating up to Rs 400 crore will be issued, the company said in a regulatory filing on Friday. The terms and conditions for such a rights issue to eligible equity shareholders would be decided at a later date by a duly constituted committee of the board.
"The board of directors has considered and approved increase in the authorizsed share capital from Rs 20 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 and consequential alteration in the Memorandum of Association of the company."
This would be subject to the approval of shareholders.