Ind Swift Labs tanks 16% on selling API business to PI Industries

PI Ind said the purchase consideration of Rs 1,530 crore will be paid in all-cash and funded from the proceeds of the completed QIP and internal accruals

Shares of Ind Swift Laboratories slipped 16 per cent to Rs 95 on the BSE in intra-day trade on Monday after the company announced slump sale of the Active Pharmaceuticals Ingredients (API) business division on a going concern basis to PI Industries at an agreed enterprise value of Rs 1,530 crore.

As of March 31, 2021, the turnover/revenue of the API business division was at Rs 856.58 crore, which constituted 100 per cent of the company's consolidated turnover/revenue for the full financial year. The net worth of the API business division was Rs 298.99 crore as of March 31, 2021.

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