Glenmark jumps after announcing preferential issue of shares to Aranda Investments

Glenmark Pharmaceuticals jumped 5.49% to Rs 911.90 at 14:15 IST on BSE after the company's board of directors at its meeting held on 17 April 2015, decided to raise funds by way of preferential issue of shares to Aranda Investments (Mauritius).

The company made the announcement after market hours on Friday, 17 April 2015,

Meanwhile, the BSE Sensex was down 366.67 points, or 1.29%, to 28,075.43.

On BSE, so far 2.16 lakh shares were traded in the counter, compared with an average volume of 91,626 shares in the past one quarter.

The stock hit a high of Rs 920.90 and a low of Rs 882 so far during the day. The stock had hit a record high of Rs 940 on 15 April 2015. The stock had hit a 52-week low of Rs 510 on 19 May 2014.

The stock had outperformed the market over the past one month till 17 April 2015, rising 6.97% compared with 1.02% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.7% as against Sensex's 1.14% rise.

The large-cap pharma company has an equity capital of Rs 27.13 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals' board of directors at its meeting held on 17 April 2015, decided to raise funds by way of preferential issue of upto 1.08 crore shares for cash to Aranda Investments (Mauritius), a non promoter company and a wholly owned subsidiary of Temasek Holdings at a price of Rs 875 per share aggregating to approximatel Rs 945 crore.

The board has decided to convene extraordinary general meeting of the company on 13 May 2014 for obtaining shareholders approval for the preferential issue of shares to the said investor.

Glenmark Pharmaceuticals' consolidated net profit fell 46.9% to Rs 114.77 crore on 6% rise in total income to Rs 1703.43 crore in Q3 December 2014 over Q3 December 2013.

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