Suven Life gains after unveiling terms of rights issue

Suven Life Sciences rose 2.19% to Rs 72.30 after the company said its board approved the terms of its upcoming rights issue.

The company proposes to issue 7,26,91,239 rights shares worth Rs 399.80 crore. The rights issue price is Rs 55 per equity share, which is 24% discount to the ruling maket price.

The rights entitlement ratio is 1:2, i.e. one rights equity share for every two shares held by the eligible equity shareholders of the company.

The record date is fixed at 18 October 2022 for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue.

Suven Life Science is a biopharmaceutical company focused on discovering, developing, and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

On a consolidated basis, Suven Life Sciences reported net loss of Rs 16.33 crore in Q1 June 2022 as against net loss of Rs 39.21 crore in Q1 June 2021. Net sales rose 76.12% to Rs 3.54 crore in Q1 June 2022 over Q1 June 2021.

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