Ind-Swift Lab gallops as board approves preferential issue

Ind-Swift Laboratories surged 14.29% to Rs 35.20 at 10:35 IST on BSE after the company's board of directors approved issue of shares at a steep premium to the promoter's group on preferential basis.

The announcement was made after market hours on Friday, 9 October 2015.

Meanwhile, the S&P BSE Sensex was up 31.13 points or 0.11% at 27,110.64

On BSE, so far 1.45 lakh shares were traded in the counter as against average daily volume of 1.33 lakh shares in the past one quarter.

The stock hit a high of Rs 36.70 and a low of Rs 32.75 so far during the day. The stock had hit a 52-week high of Rs 44.80 on 6 August 2015. The stock had hit a 52-week low of Rs 22.05 on 17 December 2014.

The stock had underperformed the market over the past one month till 9 October 2015, rising 4.58% compared with 5.29% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 9.41% as against Sensex's 1.79% decline.

The small-cap company has equity capital of Rs 40.96 crore. Face value per share is Rs 10.

Ind-Swift Laboratories said that the board of directors of the company at its meeting held on Friday, 9 October 2015, has approved issue of 11.74 lakh equity shares of Rs 10 each at a premium of Rs 45.50 per share to the promoter's group on preferential basis against the promoters contribution infused by the promoters under the CDR package of the company. The issue price of Rs 55.50 per share represents a premium of 57.67% to the stock's ruling market price of Rs 35.20 per share.

Ind-Swift Laboratories reported a net loss of Rs 16.32 crore in Q1 June 2015, lower than net loss of Rs 17.12 crore in Q1 June 2014. Net sales declined 7.8% to Rs 169.69 crore in Q1 June 2015 over Q1 June 2014.

Ind-Swift Laboratories is a part of the Ind-swift Group. The company manufactures and sells active pharmaceutical ingredients (APIs).

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