Suven Life Sciences to raise US$ 50 million

Suven Life Sciences Ltd has announced that the Board of Directors of the Company at its meeting held on July 28, 2009, inter alia, has considered and approved to raise funds to the tune of 50 Million USD or its equivalent of any other Foreign/ Indian currencies through issue of Equity Shares / GDRs / ADRs / FCCBs and /or such other securities either by way of international offerings and /or domestics offerings for purpose of meeting its R&D and clinical development expenditure and for creation of dedicated Drug Discovery Centre and / or for meeting Company's on going expansion and upgradation plans, subject to necessary consents / approvals.

The stock was trading at Rs.22.55, down by Rs.0.75 or 3.22%. The stock hit an intraday high of Rs.24.10 and low of Rs.22.15.

The total traded quantity was 164916 compared to 2 week average of 145795.

Source : Equity Bulls

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