Panacea Biotec has received approval from its board for rising funds up to Rs 864 crore for one-time settlement with its lenders and other purposes. The company will raise the funds through issue of non- convertible debentures on a private placement basis. The capital will be utilised for one-time settlement with the consortium of lenders and for the settlement of stretched payables, employees’ dues and for working capital requirements, among others.
The board also approved demerger of the company’s real estate business with a few modifications to the scheme of arrangement approved by the board in September 2017. The company has also convened an extraordinary general general meeting (EGM) on March 25, during which the shareholders will consider the company’s plans to raise up to Rs 128 crore via issue of warrants on a preferential basis.
Panacea Biotec is a leading research based Biotechnology Company with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and biotechnology companies in India.
