Solara Active Pharma Sciences Rights will open for subscription from 28 May 2024. the company aims for an issue size of ₹449.95 Crores through this rights Issue.
About the company
Solara Active Pharma Sciences is a global company focused on research and development, specializing in the production and development of Active Pharmaceutical Ingredients (APIs). It also provides Contract Manufacturing and Development Services for international companies. Solara Active Pharma Sciences is involved in the business of manufacturing, production, processing, formulation, sale, import, export, merchandising, distribution, and trading of Active Pharmaceutical Ingredients (APIs).
The company operates six large-scale multi-product facilities that adhere to high compliance standards, supported by a team of over 2,300 employees. Its business spans 75 countries, with significant operations in key markets such as North America, Europe, Japan, South Korea, and the Middle East and North Africa. As of February 2024, the company offers over 60 commercial Active Pharmaceutical Ingredients (APIs), with an additional 10 APIs currently in development.
Objectives of the Issue
- Repayment and/or pre-payment, in full or part, of certain outstanding borrowings availed by the company; and
- General corporate purposes.
Solara Active Pharma Sciences Rights Issue Timetable
| Last Date to buy shares | 14 May 2024 |
| Record Date | 15 May 2024 |
| Credit of Rights Entitlements | 27 May 2024 |
| Bid/Offer Opens On | 28 May 2024 |
| Renunciation of Rights Entitlements | 05 June 2024 |
| Bid/Offer Closes On | 11 June 2024 |
| Deemed Date of Allotment | 19 June 2024 |
| Credit Date | 19 June 2024 |
| Listing Date | 20 June 2024 |
Solara Active Pharma Sciences Rights Details
| Issue Open | May 28, 2024 – June 11, 2024 |
| Security Name | Solara Active Pharma Sciences Ltd |
| Issue Size (Shares) | 11,998,755 |
| Issue Size (Amount) | ₹449.95 Crores |
| Issue Price | ₹375 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
| Terms of Payment | Issue Price of Rs.375/- per share is payable as Rs.131.25 per share on Application. The remaining amount will be called within 24 months from the date of allotment in the Issue or within such extended period as may be determined by the Board or Rights Issue Committee of the Company at its sole discretion from time to time. |
| Entitlement | 1 Rights Equity Share(s) for every 3 fully paid-up Equity Shares held on Record Date |
Company Financials
| FY 2021 | FY 2022 | FY 2023 | |
| Revenue | 1,616.88 | 1,268.34 | 1,443.81 |
| Expenses | 1,316.02 | 1,266.75 | 1,399.83 |
| Operating Margin (%) | 25.59 | 7.54 | 10.82 |
| Net Income | 220.96 | (58.56) | (22.21) |
| ROCE (%) | 15.0 | (0) | 2.0 |
Rights Issue Documents
Lead Manager(s)
CHOICE CAPITAL ADVISORS PRIVATE LIMITED
Sunil Pataodia Tower, Plot No. 156-158, J.B. Nagar,
Andheri (East), Mumbai – 400 099, Maharashtra
Phone: +91 22 6707 9999 / 7919
Email: solara.ri@choiceindia.com
Website: www.choiceindia.com
Rights Issue Registrar
CAMEO CORPORATE SERVICES LIMITED
Subramanian Building, No.1, Club House Road,
Chennai – 600 002, Tamil Nadu, India
Phone: 044 – 4002 0700
Email: rights@cameoindia.com
Website: www.cameoindia.com
Company Contact Information
SOLARA ACTIVE PHARMA SCIENCES LIMITED
2nd Floor, Admin Block 27, Vandaloor Kelambakkam Road,
Keelakottaiyur Village, Melakottaiyur (Post) Chennai – 600 127
Phone: +91 44 43446700
Email: investors@solara.co.in
Website: www.solara.co.in
Final Thoughts
Applying for the rights issue is purely a personal choice. Make sure you conduct a detailed study of the company and its rights issues before you make an investment decision.
Happy investing
