Remedium Lifecare approves increase in authorised share capital

Pharmaceutical company Remedium Lifecare has informed exchanges that its board has approved an increase in authorised share capital from Rs 42 crore to Rs 60 crore divided into 60,00,00,000 equity shares of Re 1 each.

"The Authorized Share Capital of the Company is Rs. 60,00,00,000/- (Rupees Sixty Crores Only) divided into 60,00,00,000 (Sixty Crores only) Equity Shares of Re. 1/- (Rupee One only) each," the company said in an exchange filing.

Earlier, the company said that it would take up a proposal for the acquisition of an unlisted company in the specialty chemicals sector with a global footprint. The company said that its board will meet in the first week of August. 

"The acquisition will be executed via a stock swap and the issuance of optionally convertible debentures, resulting in a 100 per cent buyout. The acquisition value is expected to be around Rs 1,000 crores, subject to agreement on valuation parameters and the completion of due diligence on the target company’s financials and legal formalities," the company's filing read.

Earlier, the company's board approved the allotment of 30,24,00,000 equity shares of the face value of Re 1 each as fully-paid-up bonus equity shares in the ratio of 3:1. Also, the company has announced a fundraising plan through qualified institutional placement (QIP) and allotment of bonus equity shares. 

"Approved raising funds by way of issuance of such number of equity shares having face value of Re 1 each for an aggregate amount not exceeding Rs 200 crore by way of qualified institutional placement (QIP) or other permissible mode in one or more tranches," the filing said.