Aurobindo Pharma rallies on stake diversion

The company has divested stake in its Australian subsidiary to Eris Pharma for an undisclosed amount.

Aurobindo Pharma has firmed up on divesting stake in its Australian subsidiary to Eris Pharma for an undisclosed amount to focus on the US, European and emerging markets. The stock is trading at Rs 1,338, higher by Rs 14 or 1.1%, on the BSE.

"Aurobindo Pharma Ltd (APL) has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty Ltd, to Eris Pharma Australia Pty Ltd," Aurobindo Pharma said in a filing to the BSE. APL will continue to manufacture and supply products to Eris Pharma for Australian and New Zealand markets over the next few years, it added.

The shares had opened at Rs 1,328 and have touched a high of Rs 1347 and a low of Rs 1314 thus far.