Evonile Pharma Board Approves Raising Up to Rs 900 Cr via Rights Issue

New Delhi: Evonile Pharma Ltd, formerly known as Novartis India Ltd, on Thursday said its board has approved raising funds of up to Rs 900 crore through a rights issue.

The company’s board of directors approved the issuance and allotment of partly paid-up equity shares of face value of Rs 5 each for an aggregate amount not exceeding Rs 900 crore on a rights basis to eligible equity shareholders, Evonile Pharma said in a regulatory filing.

The fundraise will be subject to applicable statutory and regulatory approvals, as well as the approval of shareholders, for which the board has approved a postal ballot notice.

The board has also constituted a rights issue committee — comprising Managing Director and Chief Executive Officer Vikas Gupta — that has been authorised to determine and finalise the detailed terms of the issue, including the issue price, rights entitlement ratio, record date, timing, and allotment of shares, the filing said.

The board also approved the adoption and launch of the company’s new corporate website under the name of Evonile Pharma Limited.

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