Suven Life Sciences approves 1:2 rights issue; fixes record date

Suven Life Sciences has approved 1:2 rights issue and has fixed Tuesday, October 18, 2022, as the ‘record date’ to determine the equity shareholders entitled to receive rights entitlements in the rights issue of the company.


The issue will ensure one rights equity share for every two fully-paid up equity shares held by the eligible shareholders of the company as on the record date.


The issue’s size will be worth Rs 399.8 crore and under it the company will issue a total of 7,26,91,239 fully paid-up equity shares. Issue price for the offer is fixed at Rs 55 per fully paid-up equity share, which includes a premium of Rs 54 per share. This issue price is at a hefty discount considering the closing price of Rs 70.35 per share on October 11, said the company's exchange filing on Monday.

“Other terms of the rights Issue (including fractional and zero entitlements): To be included in the letter of offer to be filed by the company,” added the filing.

Shares of Suven Life Sciences have underperformed in the last 1 year and have delivered a negative return of around 38 per cent.

At 1:00 pm, the scrip gained 4 per cent and was trading at Rs 73.5 per share.

Suven Life Sciences is a bio-pharma company that is into manufacturing as well as selling bulk drugs and intermediaries with a m-cap of Rs 1,075 crore.