 "Venus Remedies hits 52-week low on stake sale by Morgan Stanley")
Venus Remedies has dipped 8% to Rs 177 on the BSE after the pharmaceutical company said Morgan Stanley Mauritius Company sold part of its holding through open market.
The stock opened at Rs 189 and touched a 52-week low of Rs 173 on BSE. The trading volumes on the counter more than doubled with a combined 323,173 shares changed hands on BSE and NSE till 1306 hours.
Morgan Stanley Mauritius Company had sold 38,392 equity shares or 0.33% stake of the company through market sale on November 26, 2014, Venus Remedies said in a regulatory filing on Tuesday after market hours.
Post transaction, Morgan Stanley Mauritius Company stake in Venus Remedies declined to 4.05% from 4.39% earlier.
Meanwhile, the stock has been more than halved from its 52-week high of Rs 382 touched on September 15, 2014, after Crisil, the rating agency downgraded its ratings on the bank facilities to D from BB+.
The rating downgrade reflects delays in repayment of term loan by the company driven by a stretched liquidity. VRL’s stretched liquidity is on account of the significant increase in total cost of the large debt-funded capital expenditure over the past one year and high working capital requirements.
In this regard on September 16, Venus Remedies informed BSE that, the company had availed a major part of the term loans for its ongoing research and development activities.
The stock opened at Rs 189 and touched a 52-week low of Rs 173 on BSE. The trading volumes on the counter more than doubled with a combined 323,173 shares changed hands on BSE and NSE till 1306 hours.
Morgan Stanley Mauritius Company had sold 38,392 equity shares or 0.33% stake of the company through market sale on November 26, 2014, Venus Remedies said in a regulatory filing on Tuesday after market hours.
Post transaction, Morgan Stanley Mauritius Company stake in Venus Remedies declined to 4.05% from 4.39% earlier.
Meanwhile, the stock has been more than halved from its 52-week high of Rs 382 touched on September 15, 2014, after Crisil, the rating agency downgraded its ratings on the bank facilities to D from BB+.
The rating downgrade reflects delays in repayment of term loan by the company driven by a stretched liquidity. VRL’s stretched liquidity is on account of the significant increase in total cost of the large debt-funded capital expenditure over the past one year and high working capital requirements.
In this regard on September 16, Venus Remedies informed BSE that, the company had availed a major part of the term loans for its ongoing research and development activities.
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