Penny Stock Below Rs 20 To Consider Rs 1000 Cr Acquisition Deal After 3:1 Bonus Shares, 1:5 Stock Split

A meeting of the Board of Directors of Remedium Lifecare Ltd. is scheduled to take place on Thursday, August 8, 2024, to discuss various matters, including a Rs 1000 Cr acquisition deal in the speciality chemicals sector with a global footprint. Remedium Lifecare is a small cap company in the commercial services sector. The company opened higher on the BSE today at Rs 17.10 apiece after the above announcement.

"We wish to inform you that a meeting of the Board of Directors of Remedium Lifecare Ltd. is scheduled to be held on Thursday, August 08, 2024, inter alia to: 1. Consider and approve the Un-Audited Standalone Financial Results for the quarter ended June 30, 2024. 2. Consider the acquisition of an unlisted company in the specialty chemicals sector with a global footprint. The acquisition will be executed via a stock swap and the issuance of optionally convertible debentures, resulting in a 100% buyout. The acquisition value is expected to be around INR 1000 crores, subject to agreement on valuation parameters and the completion of due diligence on the target company's financials and legal formalities 3. Authorise the board to approve the transaction structure, valuation, and timelines, given the preliminary nature of the discussions. 4. Ratify the transaction in a subsequent Extraordinary General Meeting (EGM) or through Postal Ballot," said Remedium Lifecare in a stock exchange filing on 15th July.

Recently on 8th July, Remedium Lifecare announced the approval of raising funds by way of issuance of such number of equity shares having a face value of Rs 1 each of the company and/or other eligible securities or any combination thereof for an aggregate amount not exceeding Rs 200 Crores by way of qualified institutional placement (QIP).

"We wish to inform you that the Board of Directors of the Company at their Meeting held today i.e., Monday, 8th July, 2024 has allotted 30,24,00,000 Equity Shares of Face value of Re. 1/- each as fully-paid up Bonus Equity Shares in the ratio of 3:1 i.e., 3 (Three) Equity Shares of Re. 1/- each fully paid up for every 1 (One) existing Equity Share of Re. 1/- each fully paid up held by the Members in the Company whose names appeared in the Register of Members I List of Beneficial Owners as on 6th July, 2024 being the Record Date fixed for this purpose. Consequent to the aforesaid allotment of Bonus Shares, the Paid-up Equity Share Capital of the Company stands increased from Rs. 10,08,00,000/- divided into 10,08,00,000 Equity Shares of Re. 11- each to Rs. 40,32,00,000/- divided into 40,32,00,000 Equity Shares of Re. 1/- each," informed Remedium Lifecare to the marketplace.

Earlier this year on June 26, 2024, the company had approved the appointment of Mr. Adarsh Munjal (DIN -07304004 ), as a Whole-Time Director.