Parmax Pharma

Parmax Pharma has received a public announcement of an open offer from Dhiren Chandulal Shah and Sunil Chinubhai Shah, who along with ten persons acting in concert, plan to acquire up to 26% of the company's expanded voting capital from public shareholders at ₹42.80 per share. The offer is triggered by a share purchase agreement signed on June 8 under which the acquirers will buy 11.52 lakh shares from the company's existing promoters at ₹35 per share, and by a preferential issue of equity shares and warrants to the acquirers and their associates at ₹36.50 per share. Upon completion of these transactions and assuming full acceptance of the open offer, the acquirers and PACs would hold roughly 91% of the company's voting capital, effectively taking control from the current promoter group. The company, which had a market capitalisation of about ₹18 crore, has been struggling with a sharp revenue decline and widening losses.

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Parmax Pharma's board on Monday approved a preferential issue to raise up to ₹19.28 crore through the allotment of equity shares and convertible warrants, a move that will hand majority control to a group of 14 individuals led by Dhiren Chandulal Shah and Sunil Chinubhai Shah. The company will issue 31.4 lakh equity shares and 21.5 lakh warrants at ₹36.50 each, with the funds earmarked for general corporate purposes. The issue price represents a significant premium over the company's recent trading levels, given its market capitalisation of roughly ₹17 crore. To accommodate the fresh capital, the board also increased authorised share capital from ₹6 crore to ₹10 crore. The development comes as Parmax Pharma grapples with a sharp revenue decline and governance concerns flagged by its auditors. Shareholder approval will be sought at an extraordinary general meeting scheduled for July 2.

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Dec 13 (Reuters) - Parmax Pharma Ltd PARA.BO:

• UPDATE ON FIRE INCIDENT AT PLANT

• COMPANY MANAGEMENT ASCERTAINING QUANTUM OF DAMAGE CAUSED

• DAMAGE IS COVERED BY INSURANCE ADEQUATELY

Further company coverage: PARA.BO

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Dec 8 (Reuters) - Parmax Pharma Ltd PARA.BO:

• FIRE INCIDENT AT PLANT

• FIRE WAS SUCCESSFULLY CONTROLLED IMMEDIATELY

• IN PROCESS OF ASCERTAINING ACTUAL LOSS CAUSED BY FIRE

• THERE HAS BEEN NO LOSS OR INJURY TO HUMAN LIFE

• TAKING ADEQUATE STEPS TO ENSURE RE-FUNCTIONING OF PLANT

Source text for Eikon: ID:nBSEbVctym

Further company coverage: PARA.BO

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June 15 (Reuters) - An alert on HarperCollins Publishers and KKR among the bidders for Simon & Schuster was incorrectly tagged to Parmax Pharma Ltd PARA.BO, an unrelated company. The alert has been withdrawn.

For the correct alert, click here

STORY_NUMBER:FWN38726G

STORY_DATE:15/06/2023

STORY_TIME:[07:32:33]

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