Astec LifeSciences (NSE:ASTEC, BOM:533138) has received board approval to raise up to 2.50 billion Indian rupees through a rights issue of shares, according to a Tuesday filing with the Indian stock exchanges.

The board approved the issue of fully paid-up equity shares of the company of face value of 10 rupees each by way of a rights issue to the eligible equity shareholders of the company.

The record date for the issue will be decided later.

The company's shares were up over 7% in recent trade.