Board approves fund raise of up to ₹9,000 million via rights issue of partly paid-up equity shares

Board of Evonile Pharma (formerly Novartis India) approved raising funds by way of a rights issue of partly paid-up equity shares.

Thu 8 Oct 2026

Rights Issue Size

aggregate amount not exceeding ₹9,000 million

Face Value

₹5/- per share

Securities Type

partly paid-up equity shares on a rights basis

What the Board approved

The Board of Evonile Pharma Limited (formerly known as Novartis India Limited), at its meeting held on October 08, 2026, approved raising of funds through the issuance and allotment of partly paid-up equity shares having face value of ₹5/- each, for an aggregate amount not exceeding ₹9,000 million, on a rights basis to the eligible equity shareholders of the Company as on a record date to be determined and notified subsequently.

The fund raise is subject to receipt of applicable statutory and regulatory approvals. The update also states that there is no cancellation or termination of the proposal for issuance of securities.

What a rights issue means

• A rights issue gives existing shareholders the right to buy additional shares of the company, usually in proportion to the shares they already hold.
• The issue price, the entitlement ratio and the number of shares to be offered are finalised later, and so is the record date that decides who is eligible.
• A shareholder can choose whether to subscribe to the offer or let it lapse, based on the terms announced.

What partly paid-up means

• In a partly paid-up share, the shareholder pays the issue price in instalments rather than in one go.
• Until the full amount is paid, the share carries the status of being partly paid; the payment schedule forms part of the terms decided later.

Who will finalise the terms

The Board constituted a Rights Issue Committee comprising

• 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 the detailed terms and conditions of the Rights Issue, including but not limited to the issue size, rights entitlement ratio, issue price, record date, timing of the issue, allotment of shares, appointment of intermediaries and all other related matters.

Shareholder approval sought

The Board approved the notice of a Postal Ballot for seeking the approval of the Shareholders of the Company.

Other decisions

• Approval for adoption and launch of the new corporate website of the Company under the name Evonile Pharma Limited.

The figures to note

• Face value of the equity shares proposed to be issued: ₹5/- each
• Aggregate amount for which the securities will be issued: not exceeding ₹9,000 million
• Type of securities proposed to be issued: Equity Shares (Partly paid-up)
• Type of issuance: Rights Issue

Why this matters to a shareholder

The rights issue, if it goes through, will bring in fresh funds and will offer existing shareholders a chance to subscribe. The number of shares, the price and the entitlement ratio are yet to be decided by the Board or the Rights Issue Committee, so the effect on an individual shareholding can only be assessed once those terms are announced. The proposal is also subject to statutory and regulatory approvals and to shareholder approval through the postal ballot.

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