 "Biocon gains on stake sale in research unit to Silver Leaf Oak")
Biocon is trading higher by 2.5% at Rs 512, after the biotechnology firm said Silver Leaf Oak acquires 10% stake in Syngene International, the company’s research services subsidiary.
Silver Leaf Oak (Mauritius), an investment vehicle advised by India Value Fund Advisors (IVFA), has agreed to acquire a minority 10% stake in Syngene, the research services subsidiary of Biocon, the company said in a statement.
Silver Leaf will acquire the stake from Biocon Research, a wholly owned subsidiary of Biocon at a valuation of Rs 380 crore, it added.
Post the completion of this transaction, Biocon and Biocon Research will jointly hold 85.54% stake in Syngene.
The stock opened at Rs 512 and hit a high of Rs 515 on NSE. A combined 540,000 shares changed hands on the counter in early morning deals on NSE and BSE.
Silver Leaf Oak (Mauritius), an investment vehicle advised by India Value Fund Advisors (IVFA), has agreed to acquire a minority 10% stake in Syngene, the research services subsidiary of Biocon, the company said in a statement.
Silver Leaf will acquire the stake from Biocon Research, a wholly owned subsidiary of Biocon at a valuation of Rs 380 crore, it added.
Post the completion of this transaction, Biocon and Biocon Research will jointly hold 85.54% stake in Syngene.
The stock opened at Rs 512 and hit a high of Rs 515 on NSE. A combined 540,000 shares changed hands on the counter in early morning deals on NSE and BSE.