Shilpa Medicare Limited approves rights issue

The Board of Directors of Shilpa Medicare Limited ("Board") at its meeting held on 23 June 2023, considered and approved the increase of Authorized Share Capital. The board approved increase in the Authorized Share Capital of the Company from Rupees 9,50,00,000 (Nine Crores Fifty Lakhs) divided in to 9,50,00,000 (Nine Crores Fifty Lakhs) Equity Shares of Re.1/- each to Rupees 11,00,00,000 (Eleven Crores) divided in to 11,00,00,000 (Eleven Crores) Equity Shares of Re.1/- each and amendment of Clause V of the Memorandum of Association accordingly subject to approval of members of the Company by way of postal ballot.

Rights issue: The board approved issuance of Equity Shares with an offer size up to Rs. 325 Crores (Rupees Three hundred and twenty-five crores only) on Rights Basis to the existing shareholders of the Company as on the record date (to be notified in due course of time).

Further the Board has constituted and authorized 'Rights Issue Committee' to decide detailed terms and conditions of the Issue, including but not limiting to deciding the terms and conditions of the Issue including the rights entitlement ratio, issue price, payment modalities/schedule thereof, record date, timings, other terms and conditions and all other related matters including appointment of intermediaries, filing requisite regulatory documents etc.

Shares of Shilpa Medicare Limited was last trading in BSE at Rs. 249.75 as compared to the previous close of Rs. 254.25. The total number of shares traded during the day was 105158 in over 2206 trades.

The stock hit an intraday high of Rs. 262.25 and intraday low of 247.10. The net turnover during the day was Rs. 26856984.00.

Source : Equity Bulls

Keywords

ShilpaMedicare INE790G01031 FundRaising RightsIssue