Shares of Vivimed Labs were down 10% at Rs 185 despite the company's annoucement that the Foreign Investment Promotion Board(FIPB), Department of Economic Affairs, Ministry of Finance, Government of India vide its letter dated May 29, 2015 has approved raising of funds through issue of warrants.
The approval is for issuance of 500,000 warrants with an option to apply for and be allotted equal number of equity shares, of the company to M/s KITARA PIIN 1102, Mauritius, the release said.
The proposed issuance of warrants is to be made at an issue price of Rs 315/- (which includes a premium of Rs 305/- per equity share). The FDI inflow by the foreign investor is expected to be around Rs 15.75 crore, the release added.
The stock opened at Rs 190 and touched a low of Rs 185. At 12:35PM, over 472,000 shares were traded on both the stock exchanges.
