Bafna Pharma: Exchange seeks clarification on investors' names in lieu of warrants' issuance

The Exchange has sought clarification from Bafna Pharmaceuticals Limited with respect to the announcement dated Jan 9, 2017, informing that the board of directors of the Company, in their meeting held on Jan 7, 2017, had considered and decided to issue 80,00,000 share warrants on a preferential basis to promoter and non-promoter groups.

Jan 09, 2017 12:01 IST India Infoline News Service

Newspaper
The Exchange has sought clarification from Bafna Pharmaceuticals Limited with respect to the announcement dated Jan 9, 2017, informing that the board of directors of the Company, in their meeting held on January 7, 2017, had considered and decided to issue 80,00,000 share warrants on a preferential basis to promoter and non-promoter groups.
It was further decided that the Company would notify through the newspapers the price of each equity share to be issued in lieu of warrants, calculated in accordance with Regulation 76(1) of the SEBI ICDR Regulations, on the basis of the relevant date, for the benefit of the members.
On the basis of above the Exchange has asked for clarification from the company on the names of the investors.
The stock of the company on January 9 is however trading with gains and is up by 5.24% as at 12.26 pm.

Stock view:
Bafna Pharmaceuticals Ltd is currently trading at Rs 33.5, up by Rs 2 or 6.35% from its previous closing of Rs 31.5 on the BSE.
The scrip opened at Rs 31.5 and has touched a high and low of Rs 33.5 and Rs 31.5 respectively. So far 110754(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 58.78 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 52.4 on 12-Jan-2016 and a 52 week low of Rs 25.5 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 33.6 and Rs 28.5 respectively.
The promoters holding in the company stood at 33.42 % while Institutions and Non-Institutions held 0.08 % and 66.5 % respectively.
The stock is currently trading above its 200 DMA.

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