Elder Pharmaceuticals has moved higher by over 7% to Rs 349 on BSE after the company said it has entered into business transfer agreement (BTA) for the sale of domestic formulation business to Torrent Pharmaceuticals for Rs 2,004 crore on slump sale basis.
The stock opened at Rs 326 and touched low of Rs 321 in early morning deals on the BSE. A combined 1.03 million shares have already changed hands on the counter till noon deals against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
Torrent Pharmaceuticals has entered into a definitive agreement with the company to acquire its branded domestic formulation business in India and Nepal for a consideration of Rs 2,004 crore, Elder Pharmaceuticals said in a regulatory filing.
Under the proposed transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of three years.
Torrent Pharmaceutical would fund the acquisition value through a mix of internal accruals and bank debt. The stock of Torrent was trading flat at Rs 499 on the BSE.
The stock opened at Rs 326 and touched low of Rs 321 in early morning deals on the BSE. A combined 1.03 million shares have already changed hands on the counter till noon deals against an average sub 50,000 shares that were traded daily in past two weeks on the BSE and NSE.
Torrent Pharmaceuticals has entered into a definitive agreement with the company to acquire its branded domestic formulation business in India and Nepal for a consideration of Rs 2,004 crore, Elder Pharmaceuticals said in a regulatory filing.
Under the proposed transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of three years.
Torrent Pharmaceutical would fund the acquisition value through a mix of internal accruals and bank debt. The stock of Torrent was trading flat at Rs 499 on the BSE.
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