Kopran spurts after subsidiary bags process patent for API product

Kopran hit an upper circuit limit of 5% at Rs 284.35 after the company's subsidiary received a 20-year process patent for the active pharmaceutical ingredient (API) product Nitroxoline.

The Indian Patent office has granted Process Patent No. IN384085 for 20 years to Kopran Research Laboratories, a wholly-owned subsidiary of Kopran, for the active pharmaceutical ingredient (API) product Nitroxoline, for the invention titled "Improved, Cost Effective Process For Producing Nitroxoline".

Last week, Kopran's board approved issuing upto 49,59,999 equity shares on a preferential basis at Rs 255 each, aggregating to Rs 126.48 crore.

The company plans to issue 25,59,999 equity shares to 10 public allottees. It proposes to issue 24 lakh equity shares to two promoter group companies i.e. United Shippers and Oricon Enterprises.

The proposal is subject to the approval of regulatory/statutory authorities and the shareholders of the company at the forthcoming extra ordinary general meeting.

On a consolidated basis, net profit of Kopran rose 2.77% to Rs 17.09 crore on 7.21% rise in net sales to Rs 127.57 crore in Q2 September 2021 over Q2 September 2020.

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

Powered by Capital Market - Live News