Board Approves Rights Issue up to Rs 50 Crores; Two Independent Directors Resign
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Bacil Pharma's board approved a Rights Issue of equity shares worth up to Rs 50 Crores, subject to shareholder and regulatory approvals. Authorised capital will rise by Rs 45 Crores to Rs 65 Crores total. Purva Sharegistry, Axis Bank, and Acuite Ratings were appointed as registrar, banker, and monitoring agency. Two Independent Directors resigned from the board. Issue terms like price and record date are yet to be decided.
Rights Issue may dilute existing holdings unless shareholders participate fully. Two Independent Director resignations could raise governance concerns. Issue terms awaited.