The announcement was made after trading hours yesterday, 8 April 2019.

Meanwhile, the S&P BSE Sensex was up 7.60 points, or 0.02% to 38,708.13.

On the BSE, 1.58 lakh shares were traded in the counter so far compared with average daily volumes of 30,000 shares in the past two weeks. The stock had hit a high of Rs 212.85 and a low of Rs 200.15 so far during the day. The stock hit a 52-week high of Rs 313.50 on 10 April 2018. The stock hit a 52-week low of Rs 138.20 on 6 December 2018.

India Resurgence Fund (lndiaRF), promoted by Piramal Enterprises and Bain Capital Credit, along with its affiliates announced an investment of up to Rs 992 crore ($144 million) in Panacea Biotec. The investment proceeds will be used for a one-time settlement with existing lenders, general working capital and growth requirements of the company.

This investment is structured by way of non-convertible debentures (NCDs) of up to Rs 864 crore and subscription amount of Rs 32 crore towards share warrants to be allotted on a preferential basis. The subscription amount represents 25% of total amount of Rs 128 crore proposed to be raised upon issuance of equity shares against warrants. Subject to exercise of warrants, IndiaRF (along with its affiliates) will collectively end up owning 10.4% stake in the company on a fully diluted basis.

Panacea Biotec reported net loss of Rs 23.02 crore in Q3 December 2018 as against net loss of Rs 9.71 crore in Q3 December 2017. Net sales declined 25.18% to Rs 113.85 crore in Q3 December 2018 over Q3 December 2017.

Panacea Biotec is a pharmaceutical and biotechnology company with established research, manufacturing and marketing capabilities.