Elder Pharmaceuticals surges on getting nod for restructuring of business
Elder Pharmaceuticals is currently trading at Rs 363.90, up by 10.00 points or 2.83% from its previous closing of Rs 353.90 on the BSE.
The scrip opened at Rs 363.00 and has touched a high and low of Rs 371.40 and Rs 361.00 respectively. So far 24938 shares were traded on the counter.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 474.00 on 05-Dec-2012 and a 52 week low of Rs 202.15 on 14-May-2013.
Last one week high and low of the scrip stood at Rs 380.00 and Rs 338.00 respectively. The current market cap of the company is Rs 726.80 crore.
The promoters holding in the company stood at 39.99% while Institutions and Non-Institutions held 23.01% and 37.00% respectively.
Elder Pharmaceuticals has received an approval for carrying out restructuring of company’s business involving either raising of capital, hiving off of assets or other strategic options and also to appoint advisors for this purpose. The company has taken this step with a view to reduce its debt. The board of directors at its meeting held on July 11, 2013 has approved for the same.
Elder Pharmaceuticals (EPL) has around six manufacturing units in India, all as per international standards. Post increasing its stake in Elder Biomeda AD and Neutrahealth PLC, EPL also has access to the manufacturing units of these companies in Bulgaria and Birmingham, UK respectively coupled with distribution network and brands of the same.