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Last Updated : Feb 27, 2019 11:01 AM IST | Source: Moneycontrol.com

Panacea Biotec surges 13% on one-time settlement with lenders

The board approved demerger of real estate business of the company through scheme of arrangement subject to applicable approvals.

 
 
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Shares of Panacea Biotec surged 13 percent intraday Wednesday after company board approved one time settlement with the consortium of lenders of the company.

The company board in its meeting held on February 26, approved raising Rs 864 crore through issue of listed/unlisted, secured/unsecured redeemable non-convertible debentures and raising Rs 128 crore through issue of warrants by issuing up to 71,11,111 warrants of Rs 180 each, exercisable into equal number of equity shares of face value of Re 1 each of the company on a preferential basis.

The board approved demerger of real estate business of the company through scheme of arrangement subject to applicable approvals.

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Also, approved the transfer of the pharmaceutical formulations business of the company to a wholly owned subsidiary of the company (to be incorporated), as a going concern.

At 10:48 hrs Panacea Biotec was quoting at Rs 213.25, up Rs 19.65, or 10.15 percent on the BSE.

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First Published on Feb 27, 2019 10:59 am
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