Laurus Labs soars on investing over Rs 99 crore in subsidiary
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Laurus Labs is currently trading at Rs. 409.05, up by 9.40 points or 2.35% from its previous closing of Rs. 399.65 on the BSE.
The scrip opened at Rs. 399.65 and has touched a high and low of Rs. 410.05 and Rs. 398.20 respectively. So far 29073 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 444.50 on 02-Jan-2024 and a 52 week low of Rs. 279.65 on 28-Apr-2023.
Last one week high and low of the scrip stood at Rs. 410.05 and Rs. 385.00 respectively. The current market cap of the company is Rs. 21895.49 crore.
The promoters holding in the company stood at 27.19%, while Institutions and Non-Institutions held 36.52% and 36.29% respectively.
Laurus Labs has infused further equity into its wholly-owned subsidiary Laurus Synthesis (LSPL) via subscribing to the rights issue offered by LSPL for a cash consideration of Rs 99,13,12,308 for acquisition of 7,600 Equity shares of Rs 10 each at a premium of Rs 1,30,425.83 per share.
The Company has infused further equity via rights issue keeping in view of the funds requirements of LSPL. The Company has paid the share application money and 7600 Equity shares of Rs 10 each were allotted.
Laurus Labs is a leading research and development driven pharmaceutical company in India. The company has grown consistently to become one of the leading manufacturers of APIs for anti-retroviral (ARV) and Hepatitis C. It also manufactures APIs in oncology and other therapeutic areas.
