Shilpa Medicare jumped 5.08% to Rs 350.75 after the company said its board approved sale of its Austrian subsidiary Loba Feinchemie to Austria's ZR Pharma.
The turnover of Loba Feinchemie for the FY 2019-20 was Rs 50.19 crore, representing 5.53% of the consolidated turnover of Shilpa Medicare (Rs 908 crore).
The networth of Loba Feinchemie as on 31 March 2020 was Rs 20.19 crore, which comes to 1.52% of the consolidated networth of Shilpa Medicare (Rs 1321 crore).
The sale agreement was signed on 31 March 2021 and the company expects to complete the sale upon fulfilment of conditions of the share purchase agreement.
The total consideration received from the sale is euro 3.3 million (approximately Rs 28 crore).
Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulation globally in different regulated markets.
The company's consolidated net profit dropped 86.07% to Rs 7.67 crore on a 19.25% fall in net sales to Rs 191.25 crore in Q3 FY21 over Q3 FY20.
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