Marksans Pharrma in green "bond"

Marksans Pharma is in the limelight today. Though the stock opened a tad lower at Rs.58.50, it went to an intra day high at Rs.62.40. It is currently at Rs.61, up over 3%. The stock clocked volumes at 5.40 lakh shares today v/s two-week average of 3 lakh shares.

The stock is up on news that the company has a signed settlement agreement pact with bondholder holding 15,278 bonds. And this is good news as the he (bond holder) had defaulted in surrendering third and final tranche of bods as per the settlement agreement signed with the company.

The company had then filed a suit against the bond holder and then the High Court of England had disposed off the suit in favor the company. Post this settlement pact, currently only 61 bonds of $1000 each will remain outstanding – these 61 bonds are untraceable and the company has provided for these in the books.