Tuesday, February 13, 2007

Ankur Drugs update: Promoters subscribe to shares @ 175

The Board of Ankur Drugs today issued 2,625,400 warrants @ Rs.175 on a preferential basis to the promoters, a set of strategic investors & business associates. These warrants can be converted into an equal number of shares over the next 18 months. The fact that promoters are subscribing to the shares at a price which is higher than the current market price (Rs.162.5 per share) augurs well for the stock.

Besides, the promoter - Purnandu Jain - remains an active buyer of Ankur Drugs' shares in the secondary market. According to the announcements released by the BSE, Mr.Jain has bought around 36,000 shares over the last one month. In addition to the two lakh shares he purchased over the last 12 months. See my previous blog entry on Ankur Drugs.

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