Panacea Biotec Ltd allots warrants at Rs. 180

The Executive Committee of the Board of Directors of Panacea Biotec Ltd today has issued and allotted 71,11,111 convertible warrants at a price of Rs.180/- each on a preferential basis to Investors, entitling them to subscribe to an equivalent number of equity shares of face value of Re.1/- each at a premium of Rs.179/- per share as per the provisions of Chapter V of ICDR Regulations.

The warrant holders shall be entitled to exercise the warrants to subscribe to equity shares of the Company in compliance with the ICDR Regulations and the agreement between the Company and the Investors.

The Company has received the upfront payment of Rs.32,00,00,000/- which is equivalent to the 25% of total consideration as per terms of preferential issue. Since the Company has allotted warrants, there is no change in the paid up eq. share capital of the Company.

Shares of PANACEA BIOTEC LTD. was last trading in BSE at Rs.181.15 as compared to the previous close of Rs. 181.5. The total number of shares traded during the day was 29820 in over 749 trades.

The stock hit an intraday high of Rs. 185 and intraday low of 179.2. The net turnover during the day was Rs. 5429584.

Source : Equity Bulls

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