Panacea Biotec Limited — Others, 13-11-2024: Change in Director(s)

Panacea Biotec has announced a board meeting to discuss several key updates, including the provisional standalone and consolidated financial results for the quarter and half-year ended September 30, 2024. For the half-year, the company reported a net loss of ₹1,368 cr, down from a profit of ₹2,449 cr in the same period last year.

The company is also set to raise up to $20 million (approx. ₹168.16 crore) through external commercial borrowings to finance the expansion of its manufacturing capacity for the hexavalent vaccine EasySix and refinance existing loans. Additionally, Mr. Rajesh Jain was appointed as a non-executive independent director, and Dr. Rajesh Jain was reappointed as Chairman and Managing Director.

This announcement may signal a strategic shift aimed at strengthening financial stability and enhancing operational capabilities, likely resulting in positive investor sentiment towards potential growth opportunities.