Medico Remedies Ltd Board approves 3:1 Bonus Issue, migration to main board

The Board of Directors of Medico Remedies Ltd at its meeting held on October 07, 2021, have approved the issue of Bonus shares in the ratio of 3:1 (3 (three) fully paid-up equity shares for every 1 (One) existing fully paid-up equity share held by the shareholders), subject to the approval of the shareholders of the Company.

The board approved increase in Authorized Share Capital of the Company from ₹ 4,50,00,000 (Rupees Four Crore Fifty Lakhs) divided into 45,00,000 (Forty Five Lakhs) Equity Shares of ₹ 10/- (Rupees Ten Only) each to ₹ 17,00,00,000 (Rupees Seventeen Crores) divided into 17,00,000 (Seventeen Lakhs) Equity Shares Equity Shares of ₹ 10/- (Rupees Ten Only) each by creation of additional 12,50,000 (Twelve Lakhs Fifty Thousand) Equity Shares of ₹ 10/- (Rupees Ten Only) each and subsequent alteration to the Memorandum of Association of the Company, subject to the approval of the shareholders of the Company.

The board also approved the migration of Listing / Trading of Company's present listing from SME Platform of BSE Limited to the Main Board of BSE Limited as well as on Main Board of NSE Limited in terms of Chapter IX of SEBI (ICDR) Regulations, 2018 subject to approval of the shareholders of the Company, BSE Limited, National Stock Exchange of India Limited, or such other authorities.

Shares of Medico Remedies Ltd was last trading in BSE at Rs. 327.90 as compared to the previous close of Rs. 312.30. The total number of shares traded during the day was 2400 in over 2 trades.

The stock hit an intraday high of Rs. 327.90 and intraday low of 327.90. The net turnover during the day was Rs. 786960.00.

Source : Equity Bulls

Keywords

MedicoRemedies INE630Y01016 Pharmaceuticals BonusIssue Migration MainBoard