By: IPP Bureau
Last updated : August 30, 2024 10:37 am
The company is making its mark through strategic initiatives, promising to become a significant presence in the evolving pharmaceutical sector
The Board of directors of Mumbai based Vaishali Pharma Ltd. has recommended issue of bonus equity shares in the ratio of 1:1 (1 bonus share equity for every 1 equity share held in the company as on the record date) in the meeting held on August 28, 2024 along with stock split, subject to necessary regulatory and shareholders’ approvals.
The company approved sub-division of 1 equity share of Rs. 10 face value into five equity shares of Rs. 2 face value each. The bonus issue is aimed at reward existing shareholders, enhance liquidity, and expand the shareholder base.
The board also considered proposal for raising of fund by way of equity shares, debentures or other securities through rights issue, private placement, qualified institutions placement (QIP), preferential issue or any other method.
Catering to semi-regulated and non-regulated markets across the world, the company had recently obtained 19 registrations across Southern Africa, West Africa, the Gulf region, Latin America and ASEAN region. These registrations are poised to contribute around Rs. 100 million to the company’s annual revenue.
Backed by strong product portfolio and distribution network, the company had reported robust financial performance for Q1 FY25. For the quarter ended on June 30, 2024, the company’s sales increased by 34.70% to Rs. 18.08 crore in Q1 FY25 compared to Rs 13.42 crore during Q1 FY24. Net Profit of the company rose 7.13% to Rs. 1.70 crore as against Rs 1.59 crore during the previous quarter ended June 2023.
Commenting on the development, Atul Vasani, Chairman and Managing Director, Vaishali Pharma Ltd said, “We are proud to inform our stakeholders that the company is making significant strides in its long-term growth strategy, delivering excellent operational and financial results. Consideration of stock split and bonus shares are in line with the company’s vision to reward the shareholders and earn their long-lasting trust and confidence. This move will not only reward our existing shareholders for their continued support but also increase the company's equity base, thereby enhancing liquidity. With a focus on growth and innovation, the company is making its mark through strategic initiatives, promising to become a significant presence in the evolving pharmaceutical sector.”
"Our venture into the Nutraceutical Products segment, in addition to our ongoing collaborations and alliances, is poised to serve as pivotal growth catalysts in the future. We eagerly anticipate the continuation of our journey towards excellence, with the utmost focus on delivering value to our stakeholders and making significant contributions to the enhancement of healthcare worldwide. Our unwavering dedication to innovation, commitment to maintaining high-quality standards, and the strategic expansion of our global footprint through valuable partnerships have been instrumental in driving our success," added Vasani.
With a vision “To be a well-recognised Indian MNC in the pharmaceuticals and healthcare industry”, the company continue to work on its mission to contribute substantially towards well-being and health of the society by providing high quality products and service.