Suven Life Sciences zooms 15% as firm to consider rights issue

New Delhi: Shares of zoomed by 15 per cent in Tuesday’s early trade after the exchanges informed that the company is considering to raise funds by issuing shares on rights basis.

The company informed exchanges that the board of directors will meet on June 24, 2022, to consider raising of funds through the issue of shares on a rights basis to existing shareholders of the company.

The trading window for dealing in the securities of the company shall remain closed from 21st June to 26th June for the Directors, Promoters, other Designated Persons, and immediate relatives of Designated Persons, the release said, adding that it will be open from June 27.

At 10:20 am, the scrip traded at Rs 72.15, around 13 per cent above its previous close of Rs 63.85. The stock hit day’s high of Rs 73.45 on BSE.

Suven Life Sciences founded in the year 1989 is a smallcap company with a market cap of Rs 1,032.22 crore, operating in the pharmaceuticals sector.

The shares have given a negative 76.51 per cent return in 3 years as compared to a 47 per cent upside seen in Nifty Pharma in the same period. Promoters held a 64.98 per cent share in the company as of 31st March.

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