Elder Pharma surges on promoter stake sale buzz
The company has mandated multinational consultancy firm Ernst & Young and Japanese investment banking firm Nomura Securities to manage a formal process to find a buyer.
Elder Pharmaceuticals is locked in upper circuit of 5% at Rs 357 on reports that the promoter is looking for buyer for the company.
The Mumbai-based pharmaceutical company has mandated multinational consultancy firm Ernst & Young (E&Y) and Japanese investment banking firm Nomura Securities to manage a formal process to find a buyer through a negotiated transaction, the Economic Times report suggests.
The stock opened at Rs 350 and hit a low of Rs 348 on BSE. A combined 33,068 shares have already changed hands on the counter and there are pending buy orders for 46,534 shares on BSE and NSE at 0930 hours.
The Mumbai-based pharmaceutical company has mandated multinational consultancy firm Ernst & Young (E&Y) and Japanese investment banking firm Nomura Securities to manage a formal process to find a buyer through a negotiated transaction, the Economic Times report suggests.
The stock opened at Rs 350 and hit a low of Rs 348 on BSE. A combined 33,068 shares have already changed hands on the counter and there are pending buy orders for 46,534 shares on BSE and NSE at 0930 hours.