Bonus shares 2024: Remedium Lifecare share price hits 20% upper circuit as stock trades ex-bonus today

Stock market today: The board of directors of short Remedium Lifecare Ltd has fixed a record date for issuing bonus shares. The company board has fixed 6th July 2024 as the record date on esx-ate basis for finalizing the eligible shareholders for issuance of bonus shares — the company board has already declared bonus shares in a 3:1 ratio. So, on the last trading session ahead of the bonus share record date, the Remedium Lifecare share price witnessed strong buying in the early morning session. So, after the price adjustment on Friday deals, Remedium Lifecare share price today opened at ₹19.78 apiece on BSE and touched an intraday high of ₹20.92 per share. While climbing to this intraday high, the small-cap stock locked in a 20 per cent upper circuit.

Remedium Lifecare bonus shares details

The small-cap company informed the Indian stock market exchange about the bonus share move, saying, "In terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, as amended, we hereby to inform you that Remedium Lifecare Limited ("the Company") has fixed the Record date as Saturday, 06th July, 2024 in order to determine the number of shareholders entitled for Bonus Equity shares in the ratio of3:1 (i.e., Three Equity Shares of Re. 1/- each fully paid up for every One Equity Share of Re. 11- each fully paid up held as on the record date decided for this purpose)."

Remedium Lifecare fundraise

Remedium Lifecare share price has been on an uptrend this week after the company board declared raising funds to ₹200 crore through the QIP.

The company had informed India bourse about the ₹200 crore fundraising move, saying, "We hereby inform you that the meeting of the Board of Directors of the Company is scheduled to be held on Monday, July 08, 2024, inter alia to: evaluate and approve the proposal to raise funds up to ₹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). This fundraise is aimed at financing 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. These acquisitions are part of our growth strategy to expand our product portfolio and strengthen our position in the pharmaceutical industry," said Remedium Lifecare in a regulatory filing.

"The Board would also consider convening an extra-ordinary general meeting/ postal ballot process to seek approval of the shareholders in respect of the aforesaid proposal of fund raising, as required. Further with reference to our letter dated June 25, 2024 with regards to Closure of Trading window for dealing in shares of the Company in accordance with the SEBI (Prohibition of Insider Trading), Regulations, 2015, the Trading Window for Company's securities is closed from July 01,2024 and shall remain closed until48 hours after the declaration of unaudited financial results for the quarter ended 30th June, 2024," the small-cap company further added.

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