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Sun Pharma gains as unit acquires remaining stake in PJSC Biosintez

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Sun Pharmaceutical Industries rose 0.77% to Rs 432.10 at 09:17 IST on BSE after the company said its wholly owned subsidiary has fully acquired PJSC Biosintez, Russia.

On the BSE, 761 shares were traded in the counter so far compared with average daily volumes of 6.21 lakh shares in the past two weeks. The stock hit a high of Rs 432.30 and a low of Rs 430.10 so far during the day.

Sun Pharmaceutical Industries said that the wholly owned subsidiary of the company - Sun Pharma (Netherlands) BV has increased its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares (2391 ordinary shares and 6307 preferred shares) equivalent to 3.04% of PJSC Biosintez under Mandatory Tender Offer. The announcement was made after market hours on Monday, 9 September 2019.

Post completion of this purchase of shares, the total holding of wholly owned subsidiary company was increased from 96.96% to 100% in PJSC Biosintez. The total cost of acquisition is $815,201.99.

PJSC Biosintez is mainly engaged in the manufacture and marketing of pharmaceutical products used in hospital segment of the market. The company has presence in Russia and CIS countries.

On a consolidated basis, the pharmaceutical company's net profit rose 31.2% to Rs 1,387.48 crore on a 15.7% rise in the net sales to Rs 8,259.30 crore in Q1 June 2019 over Q1 June 2018.

Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, September 11 2019. 09:20 IST