Earlier, the board of the company approved the allotment of 30,24,00,000 equity shares of face value of Rs 1 each as fully-paid-up bonus equity shares in the ratio of 3:1.

Pharmaceutical company Remidium Lifecare has informed the exchanges that its board will take up a proposal for acquisition of an unlisted company in the global specialty chemicals sector. The company said that the board meeting will be held in the first week of August.

“The acquisition will be effected through a stock swap and the issuance of voluntary convertible debentures, resulting in a 100 per cent purchase. Subject to agreement on valuation parameters and completion of due diligence on financial and legal formalities of the target company, the acquisition value is expected to be around Rs 1,000 crore,” the company's filing read.

Earlier, the board of the company approved the allotment of 30,24,00,000 equity shares of face value of Rs 1 each as fully-paid-up bonus equity shares in the ratio of 3:1. Also, the company has announced plans to raise funds through Qualified Institutional Placement (QIP) and allotment of bonus equity shares.

“Approved to raise funds by issuing such number of equity shares of face value of Rs 1 each for an aggregate amount not exceeding Rs 200 crore in one or more phases through Qualified Institutional Placement (QIP) or other permissible mode,” the filing said.