Marksans Pharma spurts to 52-week high on share allotment to promoter

The company announced issuance of convertible warrants worth Rs 372 crore to promoter and OrbiMed Asia

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Shares of Marksans Pharma opened on a flat note on January 11, only to spurt over 6 percent after the company announced that its Board will consider and allot fully paid-up equity shares against convertible warrants to promoter and OrbiMed Asia.

At 2pm, the stock was quoting at Rs 66.50 apiece on the National Stock Exchange, hitting its 52-week high of Rs 67 intra-day. The stock has gained over 37 percent in the past six months.

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As per an exchange filing, promoter Mark Saldanha will be allotted 10 lakh equity shares at Rs 74 apiece. OrbiMed Asia IV Mauritius FVCI Limited will be allotted 4.9 crore shares at Rs 74 each. This brings the total issue to Rs 372 crore.

“The company has received intimation of warrants conversion into equity shares from both the above allottees,” the exchange filing stated. The Board meeting will be held on January 20.

The pharma company has also recently closed its buyback exercise, in which it bought back 64.74 lakh shares.

Headquartered in Mumbai, Marksans Pharma’s key focus areas lie in OTC (over the counter) and prescription drugs that have wide-ranging applications across fields like oncology, gastroenterology, antibiotics and pain management.

In the second quarter of FY23, the company reported a consolidated net profit of Rs 60.12 crore, up 29.9 percent over the previous year. Revenue from operations surged 25.3 percent to Rs 452.56 crore during the period.