Apollo Hospitals up on plan to buy Hetero Pharmacy

The company plans to acquire 320 Hetero Pharmacy stores for a consideration of Rs 146 crore

Shares of Apollo Hospitals were up nearly 2% at Rs 1,129 after the company announced that it would buy the pharmacy business from Hetero Med Solutions Ltd.

The proposed acquisition comprises of 320 Hetero Pharmacy retail stores on a slump sale basis for a consideration not exceeding Rs 146 crore, as approved by the board, the company said in a release.

The pharmacy stores are currently located in the states of Telangana, Andhra Pradesh and Tamil Nadu, the release said.

The stock opened at Rs 1,127 and touched a high of Rs 1,140 so far. Over 130,000 shares were traded on both the stock exchanges so far.