Solara announces closure of Rights Issue

Solara Active Pharma Sciences Ltd (Solara) (NSE: SOLARA; BSE: 541540), an R&D focused, API company, based in India, engaged in manufacturing and development of APIs and offering services, including contract research and manufacturing services ("CRAMS") for development of semi-synthetic new chemical entity ("NCE") APIs, announced the closure of its Rights Issue today for raising funds aggregating to ₹ 449.95 crores.

The issue opened on May 28, 2024 and closed on June 11, 2024 for issue of 1,19,98,755 equity shares for raising ₹ 449.95 Crores, at an issue price of ₹ 375.00 per equity share. The Issue was oversubscribed by ~1.44 times*.

The funds proposed to be raised via Rights Issue are in multiple calls and will be used in the manner described in the letter of offer dated May 09, 2024 ("Letter of Offer"), including repayment of debt. The application money per share is ₹131.25 per equity share, aggregating to ₹157.48 Crores.

The allotment and listing formalities of the new shares on the BSE & NSE is expected to be completed by the 3rd week of June 2024.

Intermediaries associated with the Issue: Choice Capital Advisors Private Limited acted as the Lead Managers to the Issue and DSK Legal acted as the domestic legal counsel to the Issue.

Shares of Solara Active Pharma Sciences Limited was last trading in BSE at Rs. 440.65 as compared to the previous close of Rs. 436.75. The total number of shares traded during the day was 16978 in over 1162 trades.

The stock hit an intraday high of Rs. 445.00 and intraday low of 434.30. The net turnover during the day was Rs. 7452654.00.

*Source: bseindia.com

Source : Equity Bulls

Keywords

SolaraActivePharmaSciences INE624Z01016 FundRaising Closure RightsIssue