Ami Organics board OKs raising upto Rs 500 cr

Ami Organics informed that its board has approved the proposal for raising of funds in one or more tranches for an aggregate amount not exceeding Rs 500 crore.

The pharma company may issue equity shares and/ or other securities convertible into equity shares, fully convertible debentures, with or without warrants and/or preference shares or any security convertible into equity shares or any combination thereof.

The firm may also raise funds by way of qualified institutions placement (QIP) or other permissible mode and subject to such regulatory/ statutory approvals as may be required, including the approval of the shareholders of the company, through requisite means including by way of postal ballot.

Ami Organics is engaged in business of drugs intermediate chemicals and related activities.

The company reported a 24.82% decrease in consolidated net profit of Rs 16.75 crore despite of 9.24% rise in revenue from operations to Rs 166.44 crore in Q3 FY24 over Q3 FY23.

Shares of Ami Organics slipped 4.29% to close at Rs 1,220.95 on Friday, 12 April 2024.

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