Rishan goes for ‘in-house’ prescription!

Thursday, 16 February 2012 00:00 - - {{hitsCtrl.values.hits}}

Qualifying the tag of an “in-house’ deals, S.H.M Rishan yesterday bought 4.4% stake in PC Pharma from PC House (PCH) for Rs. 180 million in addition to collecting quantities of the latter as well.

The stake amounting to 4.5 million shares was done via a crossing at Rs. 40 each, Rs. 2.10 cents above Tuesday’s closing price. The latest deal comes after in January PCH divested 10% stake in PC Pharma for Rs. 500 million. PC Pharma share price yesterday closed at Rs. 35.80, down by Rs. 2.10 over Tuesday.

Deals on PC Pharma accounted for the second largest share of over 12% of yesterday’s turnover.

In a separate development Rishan also bought almost the entirety of PC House shares traded in the market yesterday. Around 1.74 million shares of PCH traded between a high of Rs. 9.50 and a low of Rs. 7.20 before closing at Rs. 8.20, up by 30 cents.