Parnax Lab Limited board approves warrants issue to promoters at Rs. 43.50

At the meeting of the Board of Directors ("Board") of Parnax Lab Limited ("Company") held today, i.e., Saturday, January 1, 2022, the Board has approved the issue of 42,10,000 (Forty-Two Lakhs Ten Thousand) Warrants convertible into Equity Shares of Rs. 10 each at Rs. 43.50 per share to Promoter of the Company on a preferential basis to repay the existing loans, to meet the long-term working capital requirements, general corporate purpose, and such other purpose as the Board may decide.

The proposed allottees are from Promoter group:

Mr. Prakash Shah - 5,26,250
Mrs. Pragna Prakash Shah - 5,26,250
Mr. Mihir Prakash Shah - 5,26,250
Mrs. Ami Mihir Shah - 5,26,250
Mr. Baiju Mahasukhlal - 7,01,000
Mrs.Ila Baiju Shah - 7,01,000
Mr.Shah Binoy Baiju - 7,03,000

Shares of PARNAX LAB LTD. was last trading in BSE at Rs. 52.75 as compared to the previous close of Rs. 50.25. The total number of shares traded during the day was 2857 in over 10 trades.

The stock hit an intraday high of Rs. 52.75 and intraday low of 52.75. The net turnover during the day was Rs. 150706.00.

Source : Equity Bulls

Keywords

PARNAXLAB INE383L01019 Pharmaceuticals PreferentialIssue Promoters FundRaising DebtRepayment WorkingCapital