Submission of intimation of fund raising through Preferential Issue.
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Novelix Pharmaceuticals' board has approved issuing 25,00,000 equity shares on a preferential basis to raise about Rs. 15 crore. The shares will be priced at Rs. 60 each — Rs. 10 face value plus a Rs. 50 premium — and will be allotted to 40 allottees, including promoter group member Pavani Vupparapalli (3.25 lakh shares) and 39 non-promoter investors. The move is subject to shareholder approval at an Extra Ordinary General Meeting and SEBI (ICDR) Regulations. The company has not disclosed the specific purpose of the fund raise, but the money is intended for additional capital needs.
This preferential allotment will dilute existing shareholders by issuing 25 lakh new shares. Since most allottees are non-promoters and the issue is at a Rs. 50 premium over face value, it signals promoter confidence and brings in new investors, though existing shareholders will see their stake percentage reduced after EGM approval.