 "Torrent Pharma slips on acquisition of Elder's formulation biz")
Torrent Pharmaceuticals has dipped 7% to Rs 465, after the company said it entered into a definitive agreement to acquire the branded domestic formulation business of Elder Pharmaceuticals for a consideration of Rs 2,004 crore on slump sale basis.
The company would fund the acquisition value through a mix of internal accruals and bank debt, Torrent Pharmaceuticals said in a regulatory filing. The stock opened at Rs 501 and touched a low of Rs 458 on the BSE. A combined 1.24 million shares have changed hands on the counter so far on the BSE and NSE.
Elder Pharmaceuticals too slipped 12% to Rs 288, falling nearly 17% from a intra-day high. The stock opened at Rs 326 and touched high of Rs 349 after the announcements.
The company would fund the acquisition value through a mix of internal accruals and bank debt, Torrent Pharmaceuticals said in a regulatory filing. The stock opened at Rs 501 and touched a low of Rs 458 on the BSE. A combined 1.24 million shares have changed hands on the counter so far on the BSE and NSE.
Elder Pharmaceuticals too slipped 12% to Rs 288, falling nearly 17% from a intra-day high. The stock opened at Rs 326 and touched high of Rs 349 after the announcements.