Lyka Labs surges 4% on board approval for fund raising plan

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Moneycontrol Bureau

Shares of Lyka Labs rallied more than 4 percent intraday Monday on board approval for fund raising plan of the company.

"Board of directors has decided to raise funds upto Rs 100 crore by way of issue of shares on preferential basis/qualified institutional placement/convertible debentures and any other securities in one or more combination," says the pharma company in its filing.

The board also decided to increase authorised capital from existing Rs 26 crore consisting of equity capital of Rs 24 crore and preference capital of Rs 2 crore to Rs 32 crore consisting of equity capital of Rs 30 crore and preference capital of Rs 2 crore.

Extra ordinary general meeting of the company is convened on January 21 to obtain approval of shareholders to alter capital clause of memorandum of association and to decide the mode, size and terms & conditions of issue of capital, says the company.

At 15:20 hours IST, the scrip of Lyka Labs was quoting at Rs 128.70, up Rs 2.70, or 2.14 percent on the BSE.Posted by Sunil Shankar Matkar