Multibagger stock: As shares zoom 2,600% in 7 months, Remedium Lifecare may announce split, bonus on Friday

Shares of Remedium Lifecare Ltd (erstwhile Roxy Exports), which have risen a whopping 2,600 per cent since December 1, 2022 against a flattish Sensex, will be in news on Friday, as the company board considers a host of corporate actions including approval of stock split, a bonus issue and raising of funds via debentures.

The BSE benchmark Sensex recently broke above its previous record high level of 63,583 hit on December 1 last year. Since December 1, shares of Remedium Lifecare have been the best performing stock on BSE with a 2,604.62 per cent return, data compiled from corporate database AceEquity showed. The stock stood at Rs 3,800 a piece in Thursday's trade against Rs 140.50 level on December 1, 2022.

In a filing to BSE on June 14, the company said its board of directors will meet on Friday to recommend and approve issue of bonus shares to the existing equity shareholders. The board will also consider and approve stock split. Besides, the company board will decide on increasing of borrowing limit to Rs 1,000 crore from Rs 50 crore by issuance of debt securities ie. non-convertible debentures(NCD)s or bank term loans.

Lastly, the board will consider and approve limit for investment by way of acquisition of assets such as plant & machinery, securities up to Rs 1,000 crore.

A BSE-listed company, Remedium Lifecare recently entering into the manufacturing of intermediates and APIs. It recently made strategic acquisition of manufacturing facilities in Hyderabad to forward integrate and diversify into the pharma & healthcare space.

The company is engaged into the business of trading in API Intermediates (KSMs & CRMs) and various other raw materials used in API trading viz. Amino isophthalic Acid, Tellurium (IV) Oxide, Grignard Reagent, lodine, Selenium Metal Powder, Trimethyl Sulfoxonium lodide (TMSI).

The pharmaceutical company is aligned across two business verticals viz. Products and Services. Its products business comprises manufacture and sale of APIs and Intermediates to innovator and generic pharmaceutical players in both Domestic and International markets including the regulated markets.

Also read: A Sensex stock's wait to reclaim its 2008 high is getting prolonged. Any guesses?

Also read: ITC, Axis Bank, Bharti Airtel, HDFC Bank shares: Only 10 Sensex stocks hit record highs in 2023 so far