Zydus Lifesciences will meet on November 6 to consider a proposal to raise up to ₹5,000 crore through the issue of eligible securities. In a filing with the BSE and NSE, the company said the fundraising may be carried out via qualified institutional placement (QIP), rights issue, preferential allotment, private placement, or a combination of these methods.The Board will also consider initiating a postal ballot process to seek shareholder approval for the proposal.Shares of the company ended 0.88% higher on Monday. The stock has gained nearly 1% so far this year.
The pharmaceutical firm is also scheduled to announce its quarterly results for the July–September period on Thursday, November 6. In the first quarter of the fiscal, Zydus Lifesciences reported a 3.3% rise in net profit to ₹1,467 crore, aided by a forex gain of ₹57 crore. Revenue for the quarter increased 6% year-on-year to ₹6,574 crore.Earnings before interest, tax, depreciation and amortisation (EBITDA) remained flat at ₹2,089 crore, while EBITDA margins narrowed by nearly 200 basis points to 31.8% from 33.6% a year ago.Also Read: Kirloskar Brothers Q2 net profit declines 25.8% YoY amid cost pressures
