Panacea Biotec to consider fund raising plan

Panacea Biotec said that the meeting of the board of directors of the company is scheduled on 2 June 2021 to consider and evaluate any and all proposals for raising of funds by the company.

The funds will be raised through one or more permissible mechanisms as may be deemed appropriate by the Board, by way of issuance of equity shares and / or other securities including share warrants, bonds, foreign currency convertible bonds, debentures and / or any other equity based instruments / securities including through qualified institutions placement, preferential issue, private placement, rights issue, or through any other permissible mode or any combination thereof in the domestic and / or international markets and / or by way of raising debt funds including ECB, as may be permitted under applicable laws, in one or more tranches.

The announcement was made after market hours yesterday, 27 May 2021. Shares of Panacea Biotec rose 3% to settle at Rs 439.20 yesterday.

Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialization of prescription medicines.

The company reported a consolidated net loss of Rs 40.05 crore in Q3 FY21 as compared to a net loss of Rs 21.32 crore in Q3 FY20. Net sales during the quarter declined 15.49% YoY to Rs 141.76 crore.

Powered by Capital Market - Live News