This pharma stock surges over 17% - Check details

Shares of Hyderabad-based pharmaceutical company surged over 17 per cent on Friday as benchmark indices Sensex and Nifty hit their new all-time high levels in early trade amid a rally in global markets.

The counter opened at Rs 62.30 and surged 17.66 per cent to touch the day's high of Rs 70. The counter had closed at Rs 59.49 per share on the BSE. 

The surge in price comes a day after the company announced the issue of bonus equities to its shareholders.

As per a regulatory filing, the board of Remedium Lifecare has declared a bonus issue in the ratio of 3:1. It means three bonus shares will be issued to the eligible shareholders for every one share held by them on the record date.

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

With this, the authorized share capital of the company has increased from Rs 30 crore to Rs 42 crore.

Earlier, the Remedium Lifecare board also set a record date for June 19 2024 is the record date. 

"Approved Issue of Bonus shares of the Company in the Proportion of 3:1 i.e 3 (Three) Equity Shares of face value Re. 1/- each for every 1 (One) equity share off face value of Re. 1 each," the company said.