₹449.95 Crores | Listing at BSE, NSE | Tue, May 28, 2024 - Tue, Jun 11, 2024
Solara Active Pharma Sciences Ltd Rights Issue comprises 1.20 Cr equity shares aggregating to ₹449.95 Cr, offered at an issue price of ₹375 per share with a face value of ₹10 per share.
The record date for determining eligible shareholder is May 15, 2024, with the Rights Issue being offered in the entitlement ratio of 1 : 3.
The term of payment is defined as following : 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.
The Rights Entitlements are expected to be credited to eligible demat accounts on Jun 19, 2024.
The Rights Issue opens on May 28, 2024, and closes on Jun 11, 2024, with renunciation of Rights Entitlements permitted up to Jun 5, 2024.
The deemed date of allotment is Jun 19, 2024, following which the equity shares are expected to be credited to demat accounts on Jun 19, 2024 and listed at the NSE and the BSE on Jun 20, 2024.
Choice Capital Advisors Pvt.Ltd. is the Lead Manager to the issue and Cameo Corporate Services Ltd. is the Registrar to the Issue.
Investors are advised to refer to the Solara Active Pharma Sciences Ltd Letter of Offer for detailed information, including risk factors, issue terms, and procedural details.
Record Date
Wed, May 15, 2024
Entitlement Ratio
1 : 3
Open Date
Tue, May 28, 2024
Close Date
Tue, Jun 11, 2024
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.
Solara Active Pharma Sciences Ltd's revenue increased by 13.82% and profit after tax (PAT) rose by 61.85% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 28.99 | 29.45 | 26.14 |
| Revenue | 14.66 | 12.88 | 16.46 |
| Profit After Tax | -0.22 | -0.58 | 2.21 |
| Amount in ₹ Crore | |||
Solara Active Pharma Limited was founded in 2015 and develops and manufactures commercial Active Pharmaceutical Ingredients (API) for a wide range of therapeutic categories.
The company's manufacturing facilities are located in Ambernath, Maharashtra; Cuddalore, Tamilnadu; Mangaluru, Karnataka; Pondicherry; Mysore and Vizag.
Some of the therapeutic APIs in the company's product list include Amyotrophic Lateral Sclerosis, Anesthetics, Anthelmintics, Anti-Hyperlipidemics and so on.
As of February 2024, the company offers more than 60 commercial APIs, and 10 more APIs are currently in the development pipeline.
The company intends to utilize the Net Proceeds from the Issue towards the following objects:
[Dilip Davda] This RI is at a discount of around 22.50% based on its last traded price. However, its declining trends for top lines and rising losses for the reported periods raise concern. Even its promoter’s holding has shown decline. No doubt, it has bumper reserves as of December 31, 2023 against small equity, and that is the only plus point. Considering these, well-informed investors may park moderate funds for medium term. Read detail review...
Solara Active Pharma Sciences Rights Issue 2024 got oversubscribed by 1.45 times by the end of the bidding period with total bid quantity received by BSE and NSE of 1,73,83,455 shares. Check Day by Day Subscription Details (Live Status)
| Date | BSE Bid Quantity | NSE Bid Quantity | Total Bid Quantity | Subscription Times |
|---|---|---|---|---|
Jun 11 2024 17:00:00 | 1,55,16,431 | 18,67,024 | 1,73,83,455 | 1.45x |
Solara Active Pharma Sciences Ltd
201, Devavrata,
Sector 17,
Vashi Navi Mumbai - 400703
Navi Mumbai, Maharashtra, 400703
The Solara Active Pharma Sciences Rights Issue 2024 opens on Tue, May 28, 2024, and closes on Tue, Jun 11, 2024.
Solara Active Pharma Sciences Rights Issue 2024 Schedule
| Last Date for credit of Rights Entitlements | Mon, May 27, 2024 |
| Last Date for renunciation of Rights Entitlements | Wed, Jun 5, 2024 |
| Issue Opening Date | Tue, May 28, 2024 |
| Issue Closing Date | Tue, Jun 11, 2024 |
| Date of Allotment (on or about) | Wed, Jun 19, 2024 |
| Date of Credit (on or about) | Wed, Jun 19, 2024 |
| Date of Listing (on or about) | Thu, Jun 20, 2024 |
You can apply for Solara Active Pharma Sciences Rights Issue 2024 in two ways:
Steps to apply for Solara Active Pharma Sciences Rights Issue 2024 using Net Banking (ASBA)
Steps to apply for Solara Active Pharma Sciences Rights Issue 2024 using Registrar's website (R-WAP)
