Elder Pharmaceuticals is trading higher by 4% to Rs 368 after the company said its board approved restructuring of the company business to reduce debt.
“The board with a view to reducing the debt of the company approved the proposal for carrying out restructuring of Company's business involving either raising of capital, hiving off of assets or other strategic options and have decided to appoint advisors for this purpose,” Elder Pharma said in a BSE filing.
Meanwhile, the Economic Times report suggests that, the French multinational pharmaceutical company Sanofi has emerged as the highest bidder for the domestic formulation business of Elder Pharma, ahead of Pfizer and Glaxo.
The stock opened at Rs 362 and hit a high of Rs 370 on NSE. A combined 134,401 shares have changed hands on the counter so far on NSE and BSE.
“The board with a view to reducing the debt of the company approved the proposal for carrying out restructuring of Company's business involving either raising of capital, hiving off of assets or other strategic options and have decided to appoint advisors for this purpose,” Elder Pharma said in a BSE filing.
Meanwhile, the Economic Times report suggests that, the French multinational pharmaceutical company Sanofi has emerged as the highest bidder for the domestic formulation business of Elder Pharma, ahead of Pfizer and Glaxo.
The stock opened at Rs 362 and hit a high of Rs 370 on NSE. A combined 134,401 shares have changed hands on the counter so far on NSE and BSE.