In stock market today, shares of Panacea Biotech surged upto an extent of 12% as on BSE and NSE after I India Resurgence Fund (IndiaRF), a fund promoted by Piramal Enterprises and Bain Capital Credit, pumped in Rs 992 crore in the pharmaceutical company.
The investment is by way of NCDs of up to Rs864Crore and subscription amount of Rs.32-Crore towards share warrants to be allotted on a preferential basis. Subject to the exercise of warrants, IndiaRF will own a 10.4% stake in Panacea Biotec.
IndiaRF along with its affiliates announced the investment of approximately Rs.992 crore million in Panacea Biotec Limited on a preferential basis.
On Tuesday, at 11:40 hours, the shares of Panacea Biotec was trading at Rs201 per share, up by Rs21.75 or 12.13%. The stock opened at Rs205.15 per share and hit an intraday high of Rs212.80 per share in the early morning session.
Meantime, the benchmark indices BSE Sensex was at 38,669.73, down by 30.80 or 0.08 per cent and the NSE Nifty quoted at 11588.65 down 15 points.