Tavexia Lifecare Limited has announced its board’s in-principle approval for a proposal to raise funds aggregating up to ₹68 crore. The primary purpose of this fundraising initiative is to finance the proposed acquisition of 60% of the equity share capital of Meyonex Pharmaceuticals Limited. The company is exploring various modes for this issuance, including preferential issues, rights issues, or other permissible means. Further details regarding the structure and terms will be decided in a subsequent meeting.
Fundraising for Strategic Acquisition
The Board of Directors at Tavexia Lifecare Limited convened on November 4, 2026, and gave its in-principle approval for a significant fundraising plan. The company intends to raise an aggregate amount not exceeding ₹68,00,00,000 (Rupees Sixty-Eight Crores Only) through various modes. These modes may include a preferential issue of securities, a rights issue of equity shares, or any other permissible method of security issuance. The funds raised are earmarked to finance the proposed acquisition of 60% of the equity share capital of Meyonex Pharmaceuticals Limited. This acquisition was previously approved by Meyonex Pharmaceuticals’ board on October 7, 2026.
Next Steps and Approvals
Following the board’s deliberations, the Executive Directors of Tavexia Lifecare have been authorized to appoint consultants, professionals, intermediaries, and valuers. Their role will be to evaluate and recommend the most appropriate mode and type of securities issuance for raising the necessary funds. The final decision on the structure, terms, and conditions of the fund-raising shall be subject to consideration and approval at a subsequent board meeting, adhering to all applicable statutory and regulatory requirements. The company also noted the approval of its un-audited financial results for the quarter and half-year ended September 30, 2026, and the associated Limited Review Report.
Other Board Decisions
In addition to the fundraising proposal, the board also approved the change of the company’s Registrar and Transfer Agent (RTA) from Niche Technologies Pvt. Ltd to Skyline Financial Services Pvt. Ltd. Niche Technologies will continue as RTA until the data transition and related procedures are complete. The company also considered and recorded the statement of deviation(s) or variation(s) in the use of proceeds from the Right issue offer document.
Source: BSE
