Ankur Drugs has been on the move over the last 3-4 trading sessions, rising from around Rs.165 to Rs.206 today. The rise was well supported by high volumes. I have written about the scrip many a times in the past and had a price target of over Rs.200 per share. I had initially invested into it at Rs.92 per share. It reached my target range today. I am out of it for now. However, I noticed a few very interesting things over the last two days. There have been large bulk deals over the last two trading sessions. Some person by the name of Ashok Ruia has acquired close to 2.1 lakh shares of Ankur Drugs during this period at an avg. cost of Rs.198. Besides, there have been some buy calls on this scrip on Moneycontrol on Ankur Drugs. Is there more than what meets the eye?
Because, as far I am concerned, the FCCBs issued by Ankur Drugs are expected to dilute its equity by close to 50%, and some more will get diluted by the conversion of the warrants issued to the promoters and a group of investors a few days ago. While issuance of warrants to the promoters is a healthy sign....I am more intrigued by the coincidence of it all - 1). a sudden spurt in delivery-based volumes, 2).issuance of warrants (convertible into shares) to promoters and last but not the least 3).spurt in price at a time when mkts are looking pretty weak.
Some acquisition? or a mere smooth FCCB conversion enabler? we will soon know....
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