Stocks

Lincoln Pharmaceuticals promoters increase stake to 37.25% in FY-21

Our Bureau. Ahmedabad | Updated on March 31, 2021

Plan to hike their holding further

The promoters of Ahmedabad-based pharma player Lincoln Pharmaceuticals are planning to increase their holding in the company to a majority mark in the next 3-4 years, the company's management has informed.

In the current financial year 2020-21, promoter-holding in Lincoln Pharmaceuticals has gone up by 4.9 per cent from 32.35 per cent in March 2020 to 37.25 per cent by March 31, 2021.

During fiscal 2020-21, the promoter group has bought 9.8 lakh shares from the secondary market at an average price of ₹225.6 per share, a company statement said on Wednesday. Lincoln shares ended at ₹225.05 on the BSE, about 1.1 per cent up from its previous close.

“We are committed and plan to gradually up the promoter holding ideally to a majority mark over the next 3-5 years,” Mahendra Patel, Managing Director, Lincoln Pharmaceuticals said in a statement.

 

ICRA’s upgrade

The statement on the promoters’ stake hike comes after ratings agency ICRA upgraded the rating for Lincoln Pharmaceuticals’ long-term bank facilities to ICRA-A and short-term facilities to ICRA-A1 backed by steady growth in margins and improvement in risk profile.

“Our company is delivering robust operational and financial performance while maintaining healthy growth in revenue, margins and profitability. We expect to continue the growth momentum in the coming years,” Patel said.

“Our strategic growth initiatives, product and geographical expansion, EU approval and operational efficiency are likely to maximise value for all stakeholders in the near to medium term,” he added.

Lincoln Pharmaceuticals plans to enter the EU markets with its dermatology, gastro and pain management products. The company has secured the EU regulator's nod.

 

 

Published on March 31, 2021

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