Cipla in spotlight as arm to sell stake in Four M Propack

Cipla announced that its wholly-owned subsidiary Goldencross Pharma has entered in to a definitive agreement to sell its 100% equity stake in Four M Propack, India (Four M Propack) to Shriji Polymers (India) (Shriji Polymers) for a consideration of Rs 13.50 crore and an additional sum derived on the basis of the value of mutual funds, cash and bank balance, tax refunds, etc. at the time of closing estimated at around Rs 5.70 crore. The announcement was made after market hours yesterday, 18 January 2017.

Shriji Polymers is engaged in the business of manufacturing of HDPE bottles and PP caps for the pharmaceutical industry. The turnover of Four M Propack for the financial year ended 31 March 2016 was Rs 9.77 crore which is entirely on account of sales to the company. The net worth of Four M Propack as on 31 March 2016 was Rs 15.82 crore constituting 0.001% of the consolidated net worth of the company. The transaction is expected to be completed within 45 days from date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals.

Cipla said that none of the persons belonging to promoter/promoter Group(s) of the company has any interest in the transaction and it is not a related party transaction for the company.

Axis Bank and Yes Bank will announce October-December 2016 quarterly results today, 19 January 2017.

NHPC announced that TLDP-III (4 X 33) 132 megawatts (MW) power station in West Bengal has been completely restored on 18 January 2017 which was under complete shutdown for restoration work of GIS (Line-I Bay). The announcement was made after market hours yesterday, 18 January 2017.

Punjab National Bank (PNB) announced that the bank and India Post Payments Bank (IPPB) have signed a memorandum of understanding on 17 January 2017, wherein PNB shall provide technology platform for pilot launch of IPPB on receipt of regulatory approval from the Reserve Bank of India. The announcement was made after market hours yesterday, 18 January 2017.

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