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CHENNAI: Chennai-based Grandix Pharmaceuticals Ltd plans to come out with a rights issue for Rs 1.5 crore.

The company intends to offer one share for every one held. The funds raised will be utilised for the company's expansion plans.

As part of its expansion programme, the company intends to set up a diagnostic centre and a clinic. It will also set up a `third party accident insurance cards and equipment division', according to a press release from Grandix.

The total cost of the expansion project is estimated at Rs 6 crore. The company intends to raise Rs 4.5 crore from institutions.

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