Multibagger stock reports impressive 108 per cent jump in net profit; Board announces rights issue!
The stock is up by 20 per cent in 3 months and generated multibagger returns of 110 per cent in 5 years.
Solara Active Pharma Sciences Ltd announced that the Board of Directors have considered and approved the following matter:
1) The offer and issuance of equity shares of the face value of Rs 10 each of the company for an aggregate amount, including premium, not exceeding Rs 450 crore by way of a rights issue to the eligible equity shareholders of the company as on the record date.
2) Constitution of a Rights Issue Committee of the Board of Directors of the Company for the purposes of giving effect to the Rights Issue and authorised the Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper and desirable for the purpose of and in connection with the rights issue. The detailed terms in relation to the Rights Issue, including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.
Want more insightful stories along with recommendations?
Get a 3-month subscription to experience the power of our flagship DSIJ Magazine (online edition) for just Rs 800/- Click here to subscribe now
Solara Active Pharma Sciences Ltd is engaged in the business of manufacturing, production, processing, formulating, selling, importing, exporting, merchandising, distributing and trading APIs. According to the Quarterly Results, the net sales increased by 5.50 per cent to Rs 380.62 crore and net profit skyrocketed by 108 per cent to Rs 3.76 crore in Q4FY23 over Q4FY22.
On Thursday, shares of Solara Active Pharma Sciences plunged 1.67 per cent to Rs 392.15 per share with an intraday high of Rs 404.40 and an intraday low of Rs 385.05.
The stock is up by 20 per cent in 3 months and generated multibagger returns of 110 per cent in 5 years. Investors should keep an eye on this Small-Cap pharma stock.