Claris Lifesciences has surged almost 10% at Rs 239 after the company said that it will utilize part of the net proceeds received from sale of its infusion business towards a special dividend or buyback of shares.
“Out of the proceeds of Rs 1,050 crore the company expects to receive net of taxes and expenses proceeds of Rs 900 crore and plans to utilize Rs 300 crore towards a special dividend or buyback of shares,” Claris said in a statement.
The company will utilize Rs 300 crore for the organic and inorganic growth of the specialty injectables business and Rs 300 crore towards pre-paying some of the company’s debt, it added.
Last week, the company announced the sale of its infusion business, on a slump basis, for Rs 1,050 crore, which accounted for around 55% of Claris' business.
The stock opened at Rs 220 and has seen around 389,000 shares changing hands till early noon deals on the BSE.
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