Hester Biosciences approves raising up to Rs 150 cr via QIP, preferential allotment

Hester Biosciences Ltd on Wednesday said its board has approved raising up to Rs 150 crore through qualified institutional placement (QIP) or preferential allotment.

"The board of directors, in their meeting held today, have approved...issuance of equity shares, and/or equity linked securities and/or securities convertible into equity shares through Qualified Institutional Placement (QIP) or preferential allotment for an amount not exceeding Rs 150 crore subject to approval of members through postal ballot process," Hester Biosciences said in a filing to the BSE.

The board also approved reappointment of Rajiv Gandhi, CEO and Managing Director of the company, for a period of three years from April 1, 2020 to March 31, 2023, subject to approval of members through postal ballot process.