Remedium Lifecare Shares Soar 20% as It Trades Ex-Bonus on Record Date! | Stock Market News

Remedium Lifecare Ltd’s shares surged today, hitting a 20% upper circuit as the stock traded ex-bonus. The company’s board had set 6th July 2024 as the record date to issue bonus shares, and the bonus ratio is 3:1. This means shareholders will receive three bonus shares for every one share they own.

Remedium Lifecare Bonus Shares Details:

The company’s board announced the bonus shares plan, stating, “We have set the record date as Saturday, 6th July 2024, to determine the shareholders eligible for the bonus shares. Shareholders will get three fully paid shares of Re. 1 each for every one share they hold as of this date.”

Due to this announcement, the stock saw a lot of buying activity in the morning session. As a result, the share price opened at ₹19.78 on the BSE and reached an intraday high of ₹20.92. This strong buying interest led the stock to hit a 20% upper circuit.

Remedium Lifecare Fundraising:

Earlier this week, Remedium Lifecare announced plans to raise up to ₹200 crore through a Qualified Institutional Placement (QIP). The funds will be used for acquiring Good Manufacturing Practices (GMP) assets, including Active Pharmaceutical Ingredients (API) and technology assets like Intellectual Property (IP) and certifications.

The company said, “We are planning to raise ₹200 crore by issuing equity shares or other instruments to Qualified Institutional Buyers (QIBs). This is part of our strategy to expand our product range and strengthen our position in the pharmaceutical sector.”

Remedium Lifecare’s board will meet on 8th July 2024 to approve the fundraising plan. They will also consider calling an extraordinary general meeting or conducting a postal ballot to get shareholder approval for the fundraising.

The company added that the trading window for its shares is closed from 1st July 2024 and will remain closed until 48 hours after the announcement of the unaudited financial results for the quarter ending 30th June 2024.

Key Points:

• Record Date for Bonus Shares: 6th July 2024
• Bonus Ratio: 3:1 (Three bonus shares for every one share held)
• Fundraising: Up to ₹200 crore through QIP
• Stock Movement: Share price hit a 20% upper circuit today

Note: The 20% upper circuit means that the stock price has reached its maximum allowed increase for the day according to market regulations.