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.
