Earum Pharmaceuticals Ltd board approves rights issue

The Board of Directors of Earum Pharmaceuticals Limited in their meeting held on 24th January, 2023 at the Registered Office of the Company which commenced at 4:00 P.M. and concluded at 5:00 P.M. has considered and approved the issue of 24,67,16,400 Equity Shares of face value of Rs. 2/- at par aggregating of Rs. 49,34,32,800/- to all existing members of the Company on rights ("Rights Issue").

The board approved formation of a Committee of Directors to decide matters relating to the Rights Issue ("Rights Issue Committee") which includes, to decide or alter the treatment to be given to fractional entitlements, if any to make any application to the regulatory authorities as may be required, determine the terms and conditions of the Right Issue including structure and timing of the issue.

The terms of the rights issue are:

Rights entitlement ratio - 4 equity shares for every 1 equity share held by the eligible equity shareholder in the Company as on record date.

Outstanding equity shares before right issue - 6,16,79,100 equity shares of Rs. 2/- each

Outstanding equity shares post rights issue (assuming fully subscription) - 30,83,95,500 equity shares of Rs. 2/- each

Full amount of Rs. 2/- per equity share is payable on application by eligible shareholders.

The detailed terms of the Rights Issue including the procedure for the Rights Issue will be specified in the Letter of Offer which will be sent by the Company to the eligible shareholders holding Equity Shares of the Company as on the Record Date in due course.

Source : Equity Bulls

Keywords

EarumPharmaceuticals FundRaising RightsIssue