After 3:1 bonus, this pharma company to raise funds via FCCBs

Pharmaceutical company Remedium Lifecare has informed exchanges that its board has decided to raise funds via foreign currency convertible bonds (FCCBs). 

The company, in an exchange filing, said that the decision in this regard was taken during the meeting held on September 5, 2024. 

"Raising of funds by the Company up to 25 million USD through issue of eligible securities by way of Foreign Currency Convertible Bonds ("FCCBs"), private placement, rights issue, preferential issue, Follow-on public offering ("FPO"), Qualified Institutions Placement ("QIP"), Global Depository Receipts ("GDR"), American Depository Receipts ("ADR"), or through any other permissible mode," the company said in an exchange filing.

The development comes after the board of Remedium Lifecare approved the allotment of bonus shares to eligible shareholders around 2 months back. 

In a ratio of 3:1, the company had declared a bonus issue for which the record date was 6th July 2024.

This means, that investors having one equity share of Remedium Life Care Limited get three equity shares as a bonus. 

This has increased the company's authorized share capital from Rs 30 crore to Rs 42 crore.