Share Muft Ka: Remedium Lifecare Hit 20% Upper Circuit On Trading 3:1 Ex-Bonus

Remedium Lifecare's shares enjoyed strong buying activity on Friday due to the fact that the stock's record date is tomorrow, July 6, and today is the ex-bonus date, which applies to the stock in the event of a 3:1 bonus share. Remedium Lifecare's shares began trading on the BSE on Friday the ex-bonus day, at Rs 19.78 a share. They then surged to reach the 20% upper circuit limit at Rs 20.94 a share during the morning trades.

Remedium Lifecare Limited has set Saturday, July 6, 2024, as the record date to ascertain the number of shareholders eligible for bonus equity shares at a 3:1 ratio. During a Board meeting held on June 26, 2024, the company declared issuing the bonus issue in addition to increasing the authorized share capital from Rs. 30,00,00,000/- divided into 30,00,00,000 equity shares of Re. 11- each to Rs. 42,00,00,000/- divided into 42,00,00,000 equity shares of Re. 1/- each.

The corporation announced recently that the Board of Directors meeting would take place on Monday, July 8, 2024, "To evaluate and approve the proposal to raise funds up to Rs. 200,00,00,000/- (Rupees Two Hundred Crores Only) by way of issuance of equity shares, convertible securities, or other eligible instruments to Qualified Institutional Buyers (QIBs) to finance the acquisition of Good Manufacturing Practices (GMP) assets in the Active Pharmaceutical Ingredients (API) and Intermediates space, as well as the acquisition of technology, Intellectual Property (IP), including US Drug Master File (USDMF), Certificate of Suitability to the Monographs of the European Pharmacopoeia (CEP), tech packages, and other relevant assets."

Remedium Lifecare also informed the marketplace that the Board will determine the quantum, terms, and conditions of the QIP, including but not limited to the pricing, timing, and other relevant aspects of the issuance. The Board will also discuss and authorise the engagement of necessary intermediaries, including investment bankers, legal advisors, and other professionals for the QIP process, the company further said.

Remedium Lifecare said on Monday, July 8 the Board of Directors will consider the allotment of bonus shares to the equity shareholders of the company as on record date which is 6th July.

Previous month on 25th June, the company secured a 3-year supply contract of Rs 175,00,00,000 from Aster Biotech Limited, UK for the supply of Active Pharmaceutical Ingredients (APIs), Intermediates and Specialty Chemicals. July 2024 to June 2027 is the time period by which the contract shall be executed.

Remedium Lifecare operates in the product and service business segments. The company's product business revolves around trading and selling APIs and Intermediates to pharmaceutical companies in domestic and international markets.