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Shree Ganesh Remedies board approves rights issue

Capital Market 

The drug maker's board has approved the proposal for raising upto Rs 45 crore through rights issue of equity shares.

The board of Shree Ganesh Remedies at its meeting held on 19 November 2021, approved the proposal for raising of funds by issuance of equity shares of the company for an amount not exceeding Rs 45 crore by way of a rights issue to the eligible equity shareholders. The record date will be determined and notified subsequently.

The detailed terms in relation to the rights issue, including the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

On a consolidated basis, net profit of Shree Ganesh Remedies declined 2.27% to Rs 3.02 crore on 47.31% rise in net sales to Rs 16.97 crore in Q2 September 2021 over Q2 September 2020.

Shree Ganesh Remedies is an Indian pharmaceuticals company. Its core activities consist of manufacturing & export of pharmaceutical intermediates & fine chemicals and research & development.

Shares of Shree Ganesh Remedies rose 1.03% to settle at Rs 344.80 on Thursday. The domestic stock market was shut on Friday on account of Guru Nanak Jayanti.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, November 20 2021. 09:38 IST