Remedium Lifecare okays fundraising via QIP, allotment of equity shares

Remedium Lifecare has informed exchanges that the board has 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.

The company had set July 6 as the record date.

Bonus Shares Ratio

Based out of Hyderabad, the pharma company had  announced to issue bonus shares in the ratio of 3:1 (three for one).

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

Earlier, the company informed exchanges that its board will meet on July 8 to evaluate and approve the proposal to raise funds of up to Rs 200 crore. The company said that it will consider raising the funds by way of issuance of equity shares, convertible securities, or other eligible instruments to Qualified Institutional Buyers (QIBs).