Solara Active Pharma Sciences Rights Issue

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 shares14 May 2024
Record Date15 May 2024
Credit of Rights Entitlements27 May 2024
Bid/Offer Opens On28 May 2024
Renunciation of Rights Entitlements05 June 2024
Bid/Offer Closes On11 June 2024
Deemed Date of Allotment19 June 2024
Credit Date19 June 2024
Listing Date20 June 2024

Solara Active Pharma Sciences Rights Details

Issue OpenMay 28, 2024 – June 11, 2024
Security NameSolara 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 AtBSE, NSE
Terms of PaymentIssue 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.
Entitlement1 Rights Equity Share(s) for every 3 fully paid-up Equity Shares held on Record Date

Company Financials

 FY 2021FY 2022FY 2023
Operating Margin (%)25.597.5410.82
Net Income220.96(58.56)(22.21)
ROCE (%)15.0(0)2.0
(Amount in ₹ Crore)

Rights Issue Documents

Lead Manager(s)

Sunil Pataodia Tower, Plot No. 156-158, J.B. Nagar,
Andheri (East), Mumbai – 400 099, Maharashtra
Phone: +91 22 6707 9999 / 7919

Rights Issue Registrar

Subramanian Building, No.1, Club House Road,
Chennai – 600 002, Tamil Nadu, India
Phone: 044 – 4002 0700

Company Contact Information

2nd Floor, Admin Block 27, Vandaloor Kelambakkam Road,
Keelakottaiyur Village, Melakottaiyur (Post) Chennai – 600 127
Phone: +91 44 43446700

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

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