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    Marksans Pharma hits upper circuit as company considers preferential allotment

    Synopsis

    Shares of Marksans Pharma rallied 20 per cent, its upper circuit limit, to Rs 83.70 on Friday. However the counter was trading at Rs 81.75 at 10.35 am. BSE Sensex was up by 297.24 points or 0.57 per cent at 52,597.71 at the same time. The stock settled at Rs 69.75 on Thursday.

    FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in MumbaiAgencies
    New Delhi: Marksans Pharma shares hit the upper circuit on Friday as the company announced that its board would meet on Tuesday, June 15, 2021 inter alia, to consider issuance of convertible warrants on preferential basis.

    The board of directors of the pharma company will meet to consider and approve the issuance of convertible warrants on a preferential basis. OrbiMed Asia IV Mauritius can buy 4.93 crore warrants worth Rs 365 crore in the company. It is going to be one of the largest pharma funds.

    Shares of Marksans Pharma rallied 20 per cent, its upper circuit limit, to Rs 83.70 on Friday. However, the counter was trading at Rs 81.75 at 10.35 am. BSE Sensex was up by 297.24 points or 0.57 per cent at 52,597.71 at the same time. The stock settled at Rs 69.75 on Thursday.

    The company's promoter Mark Saldanha can also buy 10,00,000 warrants. The company is issuing the warrants at Rs 74 apiece. The company is eyeing to garner Rs 372.39 crore from the preferential allotment.

    Shares of Marksan Pharma have gained over 40 per cent in the last three months. The company has delivered over 175 per cent return in the last one year.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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