Penny Stock Increases Authorized Share Capital After 3:1 Bonus Shares & 1:5 Stock Split

Remedium Lifecare is a small-cap pharmaceutical company that announced on Saturday that it had increased the authorised share capital to promote business development and satisfy financial obligations. The firm plans to do this by issuing additional shares to its existing shareholders in order to raise funds.

The Board of Directors of the company at their meeting held on Saturday, 20 July 2024 has inter-alia considered and approved "to increase the Authorized Share Capital of the Company from Rs. 42,00,00,000/- (Rupees Forty Two Crores Only) divided into 42,00,00,000 (Forty Two Crores) Equity Shares of Re. 1/- (Rupee One Only) each to 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 and consequent Alteration in Capital Clause of the Memorandum of Association of the Company," said Remedium Lifecare in a stock exchange filing on 20th July.

"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 with the rights, privileges and conditions attaching thereto as are provided by the regulations of the Company for capital of the Company for the time being, with power to increase and reduce the capital of the Company, and to divide the shares in the capital for the time being into several classes and to attach thereto respectively such preferential, deferred, qualified or special rights, privileges or conditions as may be determined by or in accordance with the regulations of the Company and to vary, modify or abrogate any such rights, privileges or conditions in such manner as may for the time being be provided by the regulations of the Company," the Board of Directors of Remedium Lifecare informed to stock exchanges.

On Thursday, August 8, 2024, the Board of Directors of Remedium Lifecare Ltd. is scheduled to meet in order to approve the acquisition of an unlisted company with a global presence in the speciality chemicals sector for an amount of Rs 1000 Cr. Additionally, the financial results for the quarter ending June 30, 2024, will be announced. In order to complete the acquisition and achieve a 100% buyout, stock swaps and the issue of debentures with convertible options will be implemented.

Remedium Lifecare recently announced on 8th July that it has been approved to raise funds through qualified institutional placement (QIP) by issuing a certain number of equity shares of the company, with a face value of Rs 1 each, and/or other eligible securities, or any combination of them, for a total amount not to exceed Rs 200 Crores.
Remedium Lifecare has awarded bonus shares and a stock split to its shareholders in 2024. The company allotted 30,24,00,000 equity shares with a face value of Re. 1/- each on Monday, July 8, 2024, as fully-paid up bonus equity shares in a 3:1 ratio. The record date for the purpose was July 6, after the stock traded ex-split in a 1:5 ratio on February 23, 2024.

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