Evonile Pharma Approves Fundraising of Up to Rs 900 Crore Through Rights Issue
Mumbai: Evonile Pharma Limited, formerly known as Novartis India Limited, has approved a proposal to raise funds of up to Rs 900 crore through a rights issue of partly paid-up equity shares.
The company’s Board of Directors approved the proposed fundraising at its meeting held on October 8. The issue will involve equity shares with a face value of ₹5 each and will be offered to eligible shareholders as of a record date yet to be determined and announced.
The proposed rights issue remains subject to applicable statutory and regulatory approvals. The final terms, including the issue size, rights entitlement ratio, issue price, record date, timing and share allotment, will be decided at a later stage.
To oversee the process, the board has constituted a Rights Issue Committee comprising Vikas Gupta, Managing Director and Chief Executive Officer; Dr. Jagriti Gupta, Non-Executive Director; and Shashank Sinha, Independent Director. The committee has been authorised to finalise the detailed terms and coordinate other matters related to the issue.
The board also approved a postal ballot notice to seek shareholder approval for the relevant proposals. In addition, it approved the adoption and launch of the company’s new corporate website under the name Evonile Pharma Limited.
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