Remedium Lifecare stock rises 8% as board mulls raising ₹200 crore via QIP

Remedium Lifecare's banal surged from its opening terms of ₹75 connected the BSE connected Tuesday to an intraday precocious of ₹86.56, marking a 15.41 per cent summation successful conscionable 1 session. 

This spike was driven by the company's announcement that its Board of Directors volition conscionable connected Monday, July 8, 2024, to sermon and o.k. a ₹200 crore QIP fundraising plan.

"We hereby pass you that the gathering of the Board of Directors of the Company is scheduled to beryllium held connected Monday, July 08, 2024, inter alia to: measure and o.k. the connection to rise funds up to ₹200,00,00,000/- (Rupees Two Hundred Crores Only) by mode of issuance of equity shares, convertible securities, oregon different eligible instruments to Qualified Institutional Buyers (QIBs) to concern the acquisition of Good Manufacturing Practices (GMP) assets successful the Active Pharmaceutical Ingredients (API) and Intermediates space, arsenic good arsenic the acquisition of technology, Intellectual Property (IP), including US Drug Master File (USDMF), Certificate of Suitability to the Monographs of the European Pharmacopoeia (CEP), tech packages, and different applicable assets," said Remedium Lifecare successful a regulatory filing," the institution said successful an speech filing.

According to the company, the Board volition find the QIP's value, terms, and conditions, including its pricing, timing, and different applicable aspects. Additionally, the Board volition o.k. the engagement of concern bankers, ineligible advisors, and different professionals indispensable for the QIP process.

"The Board would besides see convening an extra-ordinary wide meeting/ postal ballot process to question support of the shareholders successful respect of the aforesaid connection of money raising, arsenic required. Further with notation to our missive dated June 25, 2024 with regards to Closure of Trading model for dealing successful shares of the Company successful accordance with the SEBI (Prohibition of Insider Trading), Regulations, 2015, the Trading Window for Company's securities is closed from July 01,2024 and shall stay closed until48 hours aft the declaration of unaudited fiscal results for the 4th ended 30th June, 2024," the institution further added.

On June 26, 2024, Remedium Lifecare approved an summation successful its authorized stock superior and the corresponding alteration successful the superior clause of its Memorandum of Association. The superior was raised from ₹30,00,00,000, divided into 30,00,00,000 equity shares of ₹1 each, to ₹42,00,00,000, divided into 42,00,00,000 equity shares of ₹1 each. During the aforesaid Board meeting, the institution besides approved the issuance of bonus shares successful the proportionality of 3:1, granting 3 escaped equity shares of ₹1 each for each 1 equity stock already held arsenic of the grounds date, which volition beryllium announced successful owed course.

Remedium is simply a trader of API intermediates (KSMs & CRMs) and a scope of different basal materials.