Shasun Pharma soars as board to mull preferential allotments to promoters

Shasun Pharmaceuticals hit an upper circuit limit of 20% at Rs 105.30 at 10:49 IST on BSE after the company said its board will meet on 23 April 2014, to consider issuing convertible warrants, equity shares on preferential basis to promoters.

The company made the announcement after market hours on Thursday, 17 April 2014.

Meanwhile, the BSE Sensex was up 67.95 points, or 0.30%, to 22,696.79.

On BSE, so far 5.49 lakh shares were traded in the counter, compared with an average volume of 1.06 lakh shares in the past one quarter.

The stock hit a high of Rs 105.30 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 89 so far during the day. The stock hit a 52-week low of Rs 45.60 on 26 June 2013.

The stock had outperformed the market over the past one month till 17 April 2014, rising 23.07% compared with the Sensex's 3.76% rise. The scrip had also outperformed the market in past one quarter, rising 9.35% as against Sensex's 7.43% rise.

The small-cap company has an equity capital of Rs 11.32 crore. Face value per share is Rs 2.

Shasun Pharmaceuticals said that a meeting of the board of directors of the company will be held on 23 April 2014, for considering issue of convertible warrants/equity shares on preferential basis to promoters and others subject to the approval of the shareholders.

Last week, Shasun Pharmaceuticals announced that Ascent Capital Advisors India, a private equity investor has taken a minority stake in Alivira Animal Health. Alivira Animal Health is a joint venture between Shasun Pharmaceuticals and Sequent Scientific engaged in developing, manufacturing and sale of veterinary products inclusive of both API (Active Pharmaceuticals Ingredients) and Formulations in the global market.

On a consolidated basis, Shasun Pharmaceuticals' net profit rose 58.8% to Rs 13.04 crore on 20.3% increase in net sales to Rs 309.38 crore in Q3 December 2013 over Q3 December 2012.

Shasun Pharmaceuticals is an integrated, leading global supplier of development and manufacturing services for intermediates, API and formulations to the pharmaceutical industry.

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