Kopran jumps after allotment of shares to promoter group firm

Kopran jumped 8.41% to Rs 61.20 at 13:58 IST on BSE after the company said it has allotted equity shares and convertible warrants to be converted into equity shares to Oricon Properties, a promoter group company.

The announcement was made after market hours on Wednesday, 26 November 2014.

Meanwhile, S&P BSE Sensex was almost unchanged at 28,384.88. On BSE, so far 3.58 lakh shares were traded in the counter as against average daily volume of 3.79 lakh shares in the past one quarter.

The stock hit a high of Rs 64.95 and a low of Rs 60.70 so far during the day. The stock had hit a 52-week high of Rs 72.65 on 16 September 2014. The stock had hit a 52-week low of Rs 19.20 on 13 December 2013.

The stock had underperformed the market over the past one month till 26 November 2014, sliding 2.25% compared with the Sensex's 5.72% rise. The scrip had also underperformed the market in past one quarter, declining 10.75% as against Sensex's 7.35% rise.

The small-cap company has equity capital of Rs 39.05 crore. Face value per share is Rs 10.

Kopran said that the Corporate Affairs Committee on authorization of Board of Directors met on 26 November 2014, to finalise the allotment of equity shares and warrants. After due consideration of the application received, with the terms of issue and in compliance with SEW ICDR Regulations 2009 and any amendment thereof, the committee has allotted 20.50 lakh equity shares of face value Rs 10 at a premium of Rs 56 each and 21.50 lakh warrants at Rs 66 each to be converted into equity shares of face value of Rs 10 at a premium of Rs 56 to Oricon Properties, a promoter group company.

Kopran's net profit fell 38.6% to Rs 3.09 crore on 1.3% decline in net sales to Rs 77.49 crore in Q2 September 2014 over Q2 September 2013.

Kopran is the group company of Parijat Enterprises. Kopran is currently an integrated pharmaceutical company manufacturing a large range of products. It manufactures both active pharmaceutical ingredients and finished dosage forms.

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