Elder Pharmaceuticals firms up on stake sale proposal of overseas arm

The stake sale proposal should be placed before the board of Elder Pharmaceuticals by the e board of its overseas subsidiary, Elder International, FZCO-Dubai

Shares of Elder Pharmaceuticals were up over 2% at Rs 116 after the company informed that it's board at the meeting held on Monday, September 28, 2015 discussed the sale of the step down overseas subsidiaries.

The matter was discussed by the board of the company and it was deliberated that complying with the legal parameters, the proposal should be placed before the board of Elder Pharmaceuticals Ltd by the board of its overseas subsidiary, Elder International, FZCO-Dubai for further consideration and necessary approval, Elder Pharmaceuticals said in a release.

The stock opened at Rs 114 and touched a high of Rs 118. At 9:50AM, over 300,000 shares were traded on both the stock exchanges.