Shasun Pharma soars 20% on preferential issue plan

The board is schedule to meet on April 23, for considering issue of convertible warrants/equity shares on preferential basis to promoters and others.

Shasun Pharmaceuticals is locked in 20% upper circuit at Rs 105 on the NSE after the company said it is planning to raise fund by issuing equity shares/warrants to promoters of the company on preferential basis.

The board of directors of the company is scheduled to meet on April 23, 2014, for considering issue of convertible warrants/equity shares on preferential basis to promoters and others subject to the approval of the shareholders, Shasun Pharmaceuticals said in a statement.

Meanwhile on April 16, the company informed the exchanges that Ascent Capital Advisors Private Limited, a private equity investor, has taken a minority stake in Alivira Animal Healthcare.

The company, however, did not disclose the stake or financial details. Alivira Animal Healthcare is a joint venture company between Shasun and Sequent Scientific.

The stock opened at Rs 89 and has seen over two-fold jump in trading volumes. A combined 1.84 million shares already changed hands so far and there are pending buy orders for 789,000 shares on the BSE and NSE at 0955 hours.