Aurobindo Pharma has surged 5% to Rs 620 after the company said the Andhra Pradesh High Court has approved the deal between the company and its wholly-owned subsidiary Curepro Parenterals.
The stock opened at Rs 594 and hit a new high of Rs 625 on the BSE. A combined 2.65 million shares have changed hands on the counter so far on the BSE and NSE.
"The Hon'ble High Court of Judicature of Andhra Pradesh at Hyderabad has sanctioned the Scheme of Arrangement between Aurobindo Pharma Ltd and Curepro Parenterals Ltd and their respective shareholders and creditors," Aurobindo Pharma said in a filing to the BSE.
Under the Scheme of Arrangement, Aurobindo would transfer its injectables Unit IV to Curepro, and the same is to be effective from April 1, 2014.
The stock opened at Rs 594 and hit a new high of Rs 625 on the BSE. A combined 2.65 million shares have changed hands on the counter so far on the BSE and NSE.
"The Hon'ble High Court of Judicature of Andhra Pradesh at Hyderabad has sanctioned the Scheme of Arrangement between Aurobindo Pharma Ltd and Curepro Parenterals Ltd and their respective shareholders and creditors," Aurobindo Pharma said in a filing to the BSE.
Under the Scheme of Arrangement, Aurobindo would transfer its injectables Unit IV to Curepro, and the same is to be effective from April 1, 2014.
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