Sequent Scientific hits record high on warrants issue to promoter

The stock surged 6% to Rs 595 on the Bombay Stock Exchange.

Sequent Scientific has surged 6% to Rs 595 on the BSE after the company said it has allotted 1.1 million warrants at a price of Rs 475 per warrant convertible into the same number of equity shares to promoter group entities on preferential basis.

“The company on April 11, 2015 has allotted 1,100,000 warrants at a price of Rs 475 per warrant (including a premium of Rs 465 per warrant) convertible into 1,100,000 equity shares of Rs 10 to M/s. Pronomz Ventures LLP, a Promoter Group Entity,” Sequent Scientific said in a BSE filing.

The warrants are convertible into equity shares within a period of 18 months from the date of issue, it added.

Shares of pharmaceuticals firm has opened at Rs 566 and touched a high 608, also its record high on the BSE. Till 1029 hours, around 34,000 shares changed hands as against an average 47,000 shares that were traded daily on the BSE.