Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Panacea promoters may demerge real estate business into separate firm
BackBack

Panacea promoters may demerge real estate business into separate firm

Panacea Biotec said its promoters plan to demerge the company's real estate business into a separate firm to be later listed on bourses

The promoters have decided that the company’s real estate arm, Radhika Heights Ltd, may become a separate listed entity. Photo: Hemant Mishra/MintPremium
The promoters have decided that the company’s real estate arm, Radhika Heights Ltd, may become a separate listed entity. Photo: Hemant Mishra/Mint

New Delhi: Drug firm Panacea Biotec on Wednesday said its promoters have entered into a family agreement under which they plan to demerge the company’s real estate business into a separate firm to be later listed on bourses.

Under a memorandum of acknowledgement of oral family settlement, the promoters have decided that the company’s real estate arm, Radhika Heights Ltd, would be managed by Ravinder Jain and may become a separate listed entity, Panacea Biotec said in a filing to the BSE.

On the other hand, the pharmaceutical formulation and vaccine business will continue to be managed by promoters Soshil Kumar Jain, Rajesh Jain and Sandeep Jain, it added. This is being done to increase efficiency in management, control and administration of the company and its subsidiaries and enhance stakeholders’ value, Panacea Biotec said.

“To enable the company to focus on its core business and raise necessary resources for respective businesses independently, the real estate business may be demerged into Radhika Heights Ltd, a separate listed company...," it added.

The promoter group currently holds 74.6% stake in the company and the remaining 25.4% is with the public. Stock of Panacea Biotec jumped to 172.90 in the afternoon trade on the BSE, sharply up 14.85% from the previous close.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Aug 2017, 05:13 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie