Evonile Pharma board approves rights issue of up to Rs 900 crore
Board approves partly paid-up equity rights issue of up to Rs 900.00 cr; record date, price and ratio to be decided later by a Rights Issue Committee.
Key takeaways
- Rights Issue of partly paid-up equity shares with face value of ₹5/- each approved by the board.
- Aggregate fund raise capped at Rs 900.00 cr on a rights issue basis to eligible equity shareholders.
- Record date for determining eligible shareholders will be decided and notified subsequently.
- Rights Issue Committee formed with authority over issue size, ratio, price, record date and timing.
- Notice of Postal Ballot approved to seek shareholders’ approval for the rights issue.
Key terms
- Action
- Rights issue
- Terms
- Aggregate amount not exceeding Rs 900.00 cr
- Equity Shares (Partly paid-up) of face value ₹5/- each
- Rights Issue Committee includes MD & CEO Vikas Gupta
Evonile Pharma Limited (formerly known as Novartis India Limited) has announced that its board has approved a fund-raise by way of a rights issue of partly paid-up equity shares.
According to the board's outcome letter dated October 08, 2026, the issue will be made to existing equity shareholders on a rights basis, but key commercial terms such as the rights ratio, issue price and record date are yet to be finalised.
Key terms
- Type of issue: Rights Issue (as stated in Annexure A, item 2)
- Instrument: Equity Shares (Partly paid-up) having face value of ₹5/- each (board's outcome letter, point 1 and Annexure A, item 1)
- Total issue size (cap): Aggregate amount not exceeding Rs 900.00 cr (Rupees Nine Thousand Million only) (board's outcome letter, point 1 and Annexure A, item 3)
- Basis of offer: On a rights basis to eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently) (board's outcome letter, point 1)
- Record date: Not yet decided; to be determined and notified subsequently (board's outcome letter, point 1)
- Pricing and ratio: To be decided later by the Board / Rights Issue Committee (Annexure A, item 3 and board's outcome letter, point 2)
Eligibility and record date
The board's outcome letter specifies that the rights issue will be offered "to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently)". This means only those holding equity shares of Evonile Pharma Limited (formerly known as Novartis India Limited) on the record date, once announced, will be entitled to receive rights entitlements.
As of this filing, no record date or ex-date has been declared. Investors will need to wait for a separate intimation once the Rights Issue Committee fixes and the company discloses the record date, the rights entitlement ratio and the issue price.
Rights Issue Committee constituted
The board has also approved the constitution of a Rights Issue Committee to handle the detailed structuring of the offer. As per the outcome letter (point 2), the committee will comprise:
- Mr. Vikas Gupta – Managing Director and Chief Executive Officer
- Dr. Jagriti Gupta – Non Executive Director
- Mr. Shashank Sinha – Independent Director
Authority has been delegated to this committee to determine and finalise, among other things:
- The issue size (within the overall cap of Rs 900.00 cr)
- Rights entitlement ratio
- Issue price
- Record date
- Timing of the issue
- Allotment of shares
- Appointment of intermediaries and all other related matters
Shareholder approval and other decisions
In addition to the rights issue framework, the board has:
- Approved the notice of Postal Ballot for seeking approval of the shareholders of the Company (board's outcome letter, point 3).
- Approved adoption and launch of the new corporate website of the Company under the name of Evonile Pharma Limited. The website of the Company shall be www.evonilepharma.com (board's outcome letter, point 4).
The meeting of the Board of Directors commenced at 04:40 PM IST and concluded at 5:31 PM IST, as disclosed in the outcome letter.
At this stage, the filing does not state a detailed timetable for opening and closing of the rights issue, nor does it provide a specific rationale in narrative form beyond the decision to raise funds through a rights issue of up to Rs 900.00 cr. Any further details on timing, pricing, ratio and record date will follow in subsequent communications once the Rights Issue Committee and the board finalise them.
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