IOL Chemicals And Pharmaceuticals To Consider Stock Split on Dec. 27
The trading window for dealing in securities of the Punjab-based company will be closed from Dec. 19 to Dec. 29 for the IOLCP officials.
IOL Chemicals and Pharmaceuticals Ltd. will consider sub-division of splitting of existing stock in a meeting of the board of directors on Dec. 27. If approved by the board of directors, this will be the first stock split by the company, according to the exchange filing on Wednesday.
Based on the regulations, the trading window for dealing in securities of the Punjab-based company will be closed from Dec. 19 to Dec. 29 for the officials of the company, the speciality chemicals manufacturer said.
IOL Chemicals had received a nod from the US health regulator earlier this month for its Ibuprofen manufacturing facility in Barnala, Punjab. The Barnala facility has already been approved by various regulatory agencies including Brazil's Anvisa, WHO and MOH, Japan
"Post this approval, IOLCP will be able to garner additional business for its flagship Ibuprofen in world's largest pharma market, USA," it said, adding that this will result in higher value-added export turnover and higher margin.
IOL Chemicals is the world's largest producer of Ibuprofen API with a 33% market share globally.
In November, the company received a certificate of suitability from the European Directorate for the Quality of Medicines & HealthCare to supply Pantoprazole Sodium Sesquihydrate API in the European markets. It will be able to export it to the entire Europe. IOL currently has a total capacity of producing 240 TPA of Pantoprazole Sodium Sesquihydrate.
Shares of IOL Chemicals fell 3.73% during the day to Rs 403.60 apiece on the National Stock Exchange. The stock closed 3.17% lower at Rs 405.95 per share, compared to a 0.56% decline in the benchmark Nifty. The share price has fallen 11.92% in the last 12 months and 14.25% on a year-to-date basis.
Two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 6.9%.
