Bilcare needs some care!
By
Research Desk
about 11 years ago
Three days ago, Bilcare had only buyers on the counter and today, currently it has only sellers, frozen on the 5% lower circuit at Rs.101.55. The moment the stock opened at this level, it hit the lower circuit.
The stock is down in the dumps today as the market is not happy with its decision to sell around 26% stake to a strategic or financial partner to raise around Rs 200-300 crore to fund its future growth and market its various products across the globe.
The company provides packaging solutions to pharma and healthcare companies. It has a huge chunk of debt, which at end of 30th Sept 2012 stood at Rs.1752 crore. At end of Q3FY13, promoters held 35.82% stake of which 9.31% is pledged. Rakesh Jhunjhunwala holds 8.51% stake.