Panacea Biotec rose 3.82% to Rs 201 at 14:19 IST on BSE after the company said its board approved one time settlement with the consortium of lenders of the company.
The announcement was made after market hours yesterday, 26 February 2019.Meanwhile, the S&P BSE Sensex was down 70.09 points, or 0.19% to 35,903.62.
On the BSE, 28,000 shares were traded in the counter so far compared with average daily volumes of 6875 shares in the past two weeks. The stock had hit a high of Rs 219 and a low of Rs 201 so far during the day. The stock hit a 52-week high of Rs 353.60 on 4 April 2018. The stock hit a 52-week low of Rs 138.20 on 6 December 2018.
Panacea Biotec's board approved raising funds by issuing listed/unlisted, secured/unsecured redeemable non-convertible debentures, aggregating upto Rs 864 crore on private placement basis, in one or more series/tranches. The funds are proposed to be used by the company for purposes, including one time settlement with the consortium of lenders of the company; settlement of stretched payables, employees dues, MAT etc.; and for working capital requirements and other general corporate purposes, as required, from time to time.
Further, the board also approved demerger of real estate business of the company through scheme of arrangement (with few modifications in the scheme of arrangement which was earlier approved by the board in its meeting held on 13 September 2017) subject to applicable approvals.
The board also approved raising of funds through issue of warrants by issuing up to 71.11 lakh warrants of Rs 180 each, exercisable into equal number of equity shares of face value of Re 1 each of the company on a preferential basis amounting upto Rs 128 crore.
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The board approved transfer of the pharmaceutical formulations business of the company to a wholly owned subsidiary of the company (to be incorporated), as a going concern, together with all identified assets, contracts, permission and consents, rights, registrations, personnel & employees, other assets and liabilities in relation to the said business.
All the above matters shall be subject to permissions, sanctions and approvals as may be necessary under the applicable provisions of law and execution of the definitive documents.
The company said its extraordinary general meeting is scheduled on Monday, 25 March 2019.
Panacea Biotec reported net loss of Rs 23.02 crore in Q3 December 2018 as against net loss of Rs 9.71 crore in Q3 December 2017. Net sales declined 25.18% to Rs 113.85 crore in Q3 December 2018 over Q3 December 2017.
Panacea Biotec makes pharmaceuticals, biopharmaceuticals, vaccines and natural/indigenous products.
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