Panacea Biotec Ltd to issue NCCRPS to promoters and relatives

The Board of Directors of Panacea Biotec Ltd at its meeting held on December 09, 2014, decided, subject to the approval of shareholders, for issue of 0.5% Non-convertible Cumulative Redeemable Preference Shares of Rs. 10/- each at par to the promoters and their relatives by way of conversion of existing unsecured loans / public deposits from them and/or fresh contribution in cash, aggregating to Rs. 34.30 Crore towards promoter's contribution as per the terms of CDR-LOA dated September 09, 2014, subject to CDR Lenders agreeing to consider such Preference Shares as the promoters' contribution.

The Board has also decided that an Extra-ordinary General Meeting of the Company will be held on January 06, 2015 at 11.30 A.M. at the Registered Office of the Company at Ambala-Chandigarh Highway, Lalru - 140501, Punjab.

Shares of PANACEA BIOTEC LTD. was last trading in BSE at Rs.153.5 as compared to the previous close of Rs. 154.95. The total number of shares traded during the day was 755 in over 114 trades.

The stock hit an intraday high of Rs. 157 and intraday low of 153.5. The net turnover during the day was Rs. 116900.

Source : Equity Bulls

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