Panacea Biotec jumps 17% on Rs 992 crore fund infusion by Bain-Piramal fund

Shares of Panacea Biotec surged 17 per cent to Rs 213 on the BSE on Tuesday after the pharmaceutical and biotechnology company said that India Resurgence Fund (IndiaRF), a fund promoted by Piramal Enterprises and Bain Capital Credit, has invested Rs 992 crore ($144 million) in the company.

The deal will help Panacea, which has been under corporate debt restructuring (CDR) since 2014, retire debt of close to Rs 731 crore as on March 31, 2018, and pump in capital to grow business.

Panacea Biotec said the investment proceeds will be used for a one-time settlement with existing lenders, general