Remedium Lifecare Limited (BSE:539561)?s stock surged from its opening price of INR 75 on the BSE on July 2, 2024 to an intraday high of INR 86.56, marking a 15.41% increase in just one session. This spike was driven by the company's announcement that its Board of Directors will meet on July 8, 2024, to discuss and approve a INR 2.00 billion QIP fundraising plan. "We hereby inform you that the meeting of the Board of Directors of the Company is scheduled to be held on July 08, 2024, inter alia to: evaluate and approve the proposal to raise funds up to INR 2,000,000,000 by way of issuance of equity shares, convertible securities, or other eligible instruments to Qualified Institutional Buyers (QIBs) to finance the acquisition of Good Manufacturing Practices (GMP) assets in the Active Pharmaceutical Ingredients (API) and Intermediates space, as well as the acquisition of technology, Intellectual Property (IP), including US Drug Master File (USDMF), Certificate of Suitability to the Monographs of the European Pharmacopoeia (CEP), tech packages, and other relevant assets," said Remedium Lifecare in a regulatory filing," the company said in an exchange filing.

According to the company, the Board will determine the QIP's value, terms, and conditions, including its pricing, timing, and other relevant aspects. Additionally, the Board will approve the engagement of investment bankers, legal advisors, and other professionals necessary for the QIP process. "The Board would also consider convening an extra-ordinary general meeting/postal ballot process to seek approval of the shareholders in respect of the aforesaid proposal of fund raising, as required.

Further with reference to our letter dated June 25, 2024 with regards to Closure of Trading window for dealing in shares of the Company in accordance with the SEBI (Prohibition of Insider Trading), Regulations, 2015, the Trading Window for Company's securities is closed from July 01,2024 and shall remain closed until 48 hours after the declaration of unaudited financial results for the quarter ended 30th June, 2024," the company further added.