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Suven Life Sciences plans to raise up to Rs 400 crore through rights issue

The company's board approved raising funds through issuance and allotment of equity shares having face value of Re 1 each up to an aggregate amount of Rs 400 crore on rights basis, Suven Life Sciences said in a regulatory filing.

June 24, 2022 / 02:52 PM IST
 
 
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Suven Life Sciences on Friday said its board has approved raising up to Rs 400 crore through issuance of equity shares on a rights basis.

The company's board approved raising funds through issuance and allotment of equity shares having face value of Re 1 each up to an aggregate amount of Rs 400 crore on rights basis, Suven Life Sciences said in a regulatory filing.

The terms and conditions for such a rights issue to eligible equity shareholders of the company would be decided at a later date by a duly constituted committee of the board, it added.

"The Board of Directors has considered and approved increase in the authorized share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each to Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in the Memorandum of Association of the company," it said.

This would be subject to the approval of shareholders.
PTI
first published: Jun 24, 2022 02:54 pm
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