Suven Life jumps as board to mull rights issue

Suven Life Science jumped 4.78% to Rs 66.90 after the company announced that its board will consider a rights issue of shares on 24 June 2022.

The company plans to raise funds through issue of equity shares of the company on rights basis to the existing equity shareholders of the company.

The board will also discuss other matters related/ incidental thereto including the constitution of a committee of board of directors namely 'Rights Issue Committee' to implement the proposal of rights issue.

Suven Life Science is a biopharmaceutical company focused on discovering, developing, and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

On consolidated basis, the pharmaceutical company reported a net loss of Rs 20.80 crore as against a net loss of Rs 21.61 crore in Q4 FY22 over Q4 FY21. Net sales jumped 170.5% YoY to Rs 4.22 crore during the quarter.

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