 "Panacea Biotech up 15% on fund raising plan, demerger of real estate biz")
Panacea Biotech hit a 52-week high of Rs 254, up 15% on BSE in early morning trade, after the company announced fund raising plan and demerger of its real estate business.
“The board of directors of the company will meet on Wednesday, September 13, 2017 to consider an enabling resolution for fund raising option by way of including but not limited to qualified institutions placement (QIP), foreign currency convertible bond (FCCB), convertible securities or any other method,” Panacea Biotech said in a statement.
The board will also consider and approve demerger of real estate business of the company through scheme of arrangement subject to applicable approvals, it added.
Earlier, on August 30, the company said the board will consider and approve the unaudited financial results (Provisional) for the quarter ended 30th June, 2017.
At 10:01 AM, the stock was up 13% at Rs 247 on BSE, as compared to 0.54% rise in the S&P BSE Sensex. A combined 700,136 shares changed hands on the counter on BSE and NSE so far.
“The board of directors of the company will meet on Wednesday, September 13, 2017 to consider an enabling resolution for fund raising option by way of including but not limited to qualified institutions placement (QIP), foreign currency convertible bond (FCCB), convertible securities or any other method,” Panacea Biotech said in a statement.
The board will also consider and approve demerger of real estate business of the company through scheme of arrangement subject to applicable approvals, it added.
Earlier, on August 30, the company said the board will consider and approve the unaudited financial results (Provisional) for the quarter ended 30th June, 2017.
At 10:01 AM, the stock was up 13% at Rs 247 on BSE, as compared to 0.54% rise in the S&P BSE Sensex. A combined 700,136 shares changed hands on the counter on BSE and NSE so far.
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