Pharmaceutical intermediates and specialty chemicals manufacturer Remedium Lifecare (BOM:539561) is poised to raise up to 491.9 million Indian rupees via a rights issue, according to a Tuesday filing to the Indian stock exchanges.

The company will issue 491,904,000 fully paid equity shares of face value of 1 rupee each. It will issue 61 rights equity shares for every 50 shares held as on the record date of April 15.

The proceeds from the rights issue will be used to fund the company's working capital requirements, equipment for research and development, and expansion.

Shares of the company were up nearly 2% in recent trade.

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