Arvind Remedies surges 20% on proposed investment

The board will meet on July 11 to consider a proposal for investment by a potential investor

Shares of Arvind Remedies were locked in 20% upper circuit on the Bombay Stock Exchange after the board said it would meet on July 11 to consider proposal for investment in the company by a potential investor to make the unit viable.

The board will also approve the notice to the shareholders on the items discussed earlier including the above, for their approval by way of postal ballot/e-voting, the release added.

The stock opened at Rs 14.30 and touched a high of Rs 16.60. At 12:05PM, over 3 million shares were traded on both the stock exchanges.