Suven Life Sciences plans to raise up to Rs 400 crore through rights issue
New Delhi: The board of Suven Life Sciences Ltd. has approved raising up to Rs 400 crore through issuance of equity shares on a rights basis.
Equity shares of face value Rs 1 apiece aggregating up to Rs 400 crore will be issued, the company said in a regulatory filing on Friday. The terms and conditions for such a rights issue to eligible equity shareholders would be decided at a later date by a duly constituted committee of the board.
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"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."
This would be subject to the approval of shareholders.
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