Panacea Biotec jumps up by 14 per cent

IndiaRF, the fund promoted by Piramal Enterprise and Bain Capital will invest Rs. 992 crore in Panacea Biotec in the form of non-convertible debentures (NCDs) and convertible warrants.

India Resurgence Fund (IndiaRF) along with its affiliates announced the investment of approximately Rs. 992 crore (US$144) million in Panacea Biotec Limited on a preferential basis.

The investment consists of NCDs worth Rs. 864 crore and subscription of Rs 32 crore towards share warrants to be allotted on a preferential basis. As per SEBI's Regulations, 2018, the amount of subscription stands for 25 per cent of the total amount of Rs. 128 crore planned to be raised on the issuance of equity shares for the warrants. On exercising the warrants, IndiaRF and affiliates will own 10.4 per cent stake in Panacea on a fully-diluted basis.

On Tuesday, at 9:43 hours, the stock of Panacea Biotec was trading at Rs. 207.05 per share, up by Rs. 25.90 or 14.30 per cent. The stock opened at Rs. 202.15 per share and hit an intraday high of Rs. 212.85 per share in the early morning session. Meanwhile, the benchmark indices BSE Sensex was at 38,722.37, up by 21.84 or 0.06 per cent.