Zenotech Labs to raise up to Rs 175 cr through rights issue

Drug firm Zenotech Laboratories is looking to raise up to Rs 175 crore through a rights issue to its existing shareholders.
The board of the company approved further issuance of equity shares of Rs 10 each on rights basis to existing shareholders to raise up to Rs 175 crore, Zenotech Laboratories said in a filing to BSE.
"The ratio of rights share entitlements, the issue price and the record date for fixing the entitlement of shareholders to such rights issue shall be informed in due course when decided," it added.
The promoter and promoter group hold 66.85 per cent shares in Zenotech Laboratories while public shareholding is at 33.15 per cent, as per bourses data.

Shares of Zenotech Laboratories today closed at Rs 44.75 per scrip on BSE, up 170 per cent from its previous close.