Marksans Pharma surges 6% intraday; company signs settlement pact with bondholder

MUMBAI: Shares of Marksans Pharma surged as much as 6.21 per cent in intraday trade after the company signed settlement agreement pact with bondholder holding 15,278 bonds.

The stock ended the day 4.51 higher or Rs 2.65 at Rs 61.40.

The company had filed a suit against the bond holder as he had defaulted in surrendering the third and final tranche bonds as per the settlement agreement signed with the company.

The High Court of England has disposed off the said suit in favour of the company.

“After execution of the said 15,278 bonds settlement, only 61 bonds of $1000 each in principal value will remain outstanding as the same is untraceable which have been adequately accounted for in the books of account,” the company said in a filing to stock exchanges.