Sequent Scientific 'warrants' limelight

Sequent Scientific hit a new high today at Rs.647 and it continues to trade around the Rs.645 levels, over 15% higher than previous close. Volumes have almost doubled up today at 81,000 shares.

Sequent is an integrated pharmaceutical company with a global footprint, operating in the domains of Animal Health (API and formulation) and Human health (API). The stock hit a high after the company stated that it had allotted some 1.1 million warrants at a price of Rs.475/warrant convertible into same number of equity shares to the promoter group entities, on preferential basis.

The warrants are convertible into equity shares within a period of 18 months from the date of issue.

The company had ended Q3FY15 with a net profit of Rs.27 crore, which was a turnaround from a loss of Rs.26 crore in Q3FY14.