Aurobindo Pharma to transfer biz in Unit-4 to arm Eugia Pharma; stock up 4%

The company said the transfer of the business undertaking will be done for a lumpsum consideration of Rs 876 crore

Shares of Aurobindo Pharma gained 4 per cent to Rs 1,003.75 on the BSE in the intra-day deal on Friday after the drug firm announced transfer of business undertaking comprised in Unit·4, on a going concern basis, to Eugia Pharma Specialities, a wholly owned subsidiary of the company. The transfer of the business undertaking will be done for a lumpsum consideration of Rs 876 crore. 

"The slump sale is proposed with the objectives of integration of Unit 4 along with other units in Eugia Pharma Specialities to improve operational synergy," Aurobindo Pharma said in an exchange filing.