Solara Active Pharma Ltd board approves rights issue of Rs. 450 crores

The Board of Directors of Solara Active Pharma Limited at its meeting held today (July 5, 2023) have amongst other subject matters considered and approved the offer and issuance of equity shares of face value of ₹10 each of the Company (the "Equity Shares") for an aggregate amount, including premium, not exceeding Rs. 450 Crores (Rupees Four Hundred and Fifty Crores) 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").

The board approved constitution of a Rights Issue Committee of the Board of Directors of the Company for the purposes of giving effect to the Rights Issue and authorised the Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper and desirable for the purpose of and in connection with the rights issue. The detailed terms in relation to the Rights Issue, including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

Shares of Solara Active Pharma Sciences Limited was last trading in BSE at Rs. 398.80 as compared to the previous close of Rs. 388.55. The total number of shares traded during the day was 20013 in over 1445 trades.

The stock hit an intraday high of Rs. 406.45 and intraday low of 390.25. The net turnover during the day was Rs. 7967845.00.

Source : Equity Bulls

Keywords

SolaraActivePharmaSciences INE624Z01016 RightsIssue FundRaising