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Shares of Veerhealth Care locked in 20% upper circuit

23 February 20243 mins read by Angel One
Veerhealth Care has unveiled an ambitious expansion project to enhance healthcare solutions with a proposed investment of Rs 33 crore.
Shares of Veerhealth Care locked in 20% upper circuit
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On Thursday, Veerhealth Care shares hit its upper circuit of 20% to trade at a fresh 52-week high of Rs 27.08, from its previous closing of Rs 22.57 on the BSE.

About the expansion project

Veerhealth Care has unveiled ambitious expansion project to enhance healthcare solutions with a proposed investment of Rs 33 crore. This investment encompasses various aspects including the acquisition of land, construction of buildings, procurement of plant and machinery, and development of essential infrastructure.

To facilitate this expansion, VeerHealth Care will be raising Rs 8 crore through bank borrowings. Additionally, the Board of Directors has approved a strategic move to issue new equity shares to further bolster financial resources.

VeerHealth Care will issue 99,99,238 new equity shares at Rs 25 per share including a premium of Rs 15 per share. This right Issue is offered in the ratio of 1:2 i.e. one equity share is offered for every two shares held by existing shareholders including promoters in the Company.

This strategic initiative not only fortifies the company’s financial position but also underscores its commitment to maximizing value for its shareholders. The expansion project marks a significant milestone in its journey towards excellence in healthcare services.

Company profile

Veerhealth Care is engaged mainly in business of trading and manufacturing and marketing research based ayurvedic medicines. All its finished formulations are manufactured in their own state-of-the-art manufacturing facility at Vapi, Gujarat designed to comply with international requirements with validated systems.

Stock price movement

Today, the stock opened at Rs 23.40 and has touched a high and low of Rs 27.08 and Rs 22.75, respectively. The BSE group ‘X’ stock of face value of Rs 10 has a 52-week high and low of Rs 27.08 and Rs 8.50, respectively. Last one week high and low of the scrip stood at Rs 27.08 and Rs 21.52, respectively. The current market cap of the company is Rs 54.16 crore.

The promoters holding in the company stood at 30.76% while Non-Institutions held 69.24%.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.

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