Gennex Laboratories Limited approves rights issue of Rs. 40 crore

A meeting of the Board of Directors ("Board") of Gennex Laboratories Limited was held today, April 06, 2022, to consider and approve a proposal for raising of funds.

Accordingly, the Board approved the offer and issuance of fully paid-up equity shares of the Company (the "Equity Shares") for an amount not exceeding Rs. 40 Crore (Rupees Forty Crore) by way of a rights issue to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, subject to such approvals, as may be required under the applicable laws ("Rights Issue").

Board constituted Rights Issue Committee for the purposes of giving effect to the Rights Issue, the detailed terms in relation to the Rights Issue, including but not limiting to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

Shares of GENNEX LABORATORIES LTD. was last trading in BSE at Rs. 8.66 as compared to the previous close of Rs. 8.25. The total number of shares traded during the day was 544918 in over 1088 trades.

The stock hit an intraday high of Rs. 8.66 and intraday low of 8.13. The net turnover during the day was Rs. 4622056.00.

Source : Equity Bulls

Keywords

GENNEXLABORATORIES INE509C01026 FundRaising RightsIssue