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The shares of SMS Pharmaceuticals surged 12.08 per cent and are trading at ₹ 146.60 on the Bombay Stock Exchange shortly before the closing of trading hours on Friday. The board of the Hyderabad-based company approved raising of funds through Issue of convertible equity warrants to the Promoters/Promoters Group by issuing up to 90 lakh warrants convertible in one or more tranches to equity shares of ₹1 each of the company at an issue price of ₹127 including premium of ₹126) for each warrant, aggregating to ₹114.30 crore by way of preferential issue. The drugmaker posted an eight per cent increase in total revenue at ₹161 crore in the third quarter ended December 31, 2023 against ₹149 crore in the same period last year. The net profit more than doubled to ₹12.29 crore ( ₹5 crore).
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