Panacea Biotec rallies 14% on Rs 992 crore investment from IndiaRF

Shares of Panacea Biotec rallied more than 14 percent intraday on April 9 after India Resurgence Fund (IndiaRF) announced an investment of up to Rs 992 crore in the company.

The pharmaceutical company in its BSE release said that that the investment proceeds will be used for a onetime settlement with existing lenders, general working capital and growth requirements of the company.

Following the investment, India Resurgence Fund will own 10.4 percent stake in Panacea Biotec on a fully diluted basis.
At 0924 hrs, Panacea Biotec was quoting Rs 207.55, up 14.57 percent on the BSE.

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