Solara Pharma Finalizes Rights Share Payments

Solara Active Pharma Sciences has issued a second and final call for payments on its partly-paid rights shares. Shareholders must pay ₹112.50 per equity share by April 2, 2026. This marks a crucial step in the company's capital raising efforts, aiming to finalize the collection of funds from its May 2024 rights issue.

Key takeaway for investors: Solara is completing its ₹449.95 crore rights issue capital collection, but shareholders face a firm payment deadline.

What just happened

The company's Rights Issue Committee met on March 24, 2026, approving the final call for outstanding payments on partly-paid rights shares. Shareholders are required to pay ₹112.50 per share by April 2, 2026. This amount consists of ₹3.00 for face value and ₹109.50 for securities premium. April 2, 2026, serves as the record date for identifying shareholders eligible to receive the call notice. This follows the rights offering announced in the Letter of Offer dated May 9, 2024.

Why this matters

This final payment is essential for Solara to consolidate the capital raised from its ₹449.95 crore rights issue, launched in May 2024. It moves the company closer to converting these partly-paid shares into fully-paid equity, finalizing the capital infusion intended for growth initiatives and managing debt.

The backstory

In May 2024, Solara Active Pharma Sciences launched a rights issue to raise ₹449.95 crore. It offered one equity share for every three held, at an issue price of ₹375 per share. The funds were earmarked for growth initiatives, repaying borrowings, and general corporate purposes. The issue was structured as partly paid, with initial payments made in June 2024 and subsequent calls planned within 24 months.

What changes now

Shareholders holding these partly-paid rights shares must now arrange payment of the ₹112.50 per share by the deadline. Failure to do so may result in the forfeiture of their shares and any amounts already paid.

Risks to watch

Shareholders who miss the payment deadline risk forfeiting their investment in these partly-paid rights shares. Separately, Solara faces a significant income tax demand of ₹161.92 crore, which the company plans to appeal.

Peer comparison

Solara Active Pharma Sciences operates in the competitive Active Pharmaceutical Ingredients (API) and Contract Research and Manufacturing Services (CRAMS) sector. Its peers include major pharmaceutical ingredient players like Divi's Laboratories, Lupin, Cipla, and Neuland Laboratories.

Key Financial Metrics

• TTM Revenue (as of Dec 31, 2025): $139 million
• TTM Net Income (as of Dec 31, 2025): A loss of $2.19 million
• Total Debt (for FY 2025): ₹93,066,000
• FY2023 Consolidated Revenue: ₹14.66 crore
• FY2023 Profit After Tax (PAT): ₹-0.22 crore

What to track next

Investors will closely monitor shareholder response to the payment call and Solara's process for converting these shares to fully-paid status. The outcome of the company's appeal against the ₹161.92 crore tax demand will also be a key development to watch.