 "Sequent Scientific gains on board nod for buying shareholding in Alivira")
Sequent Scientific has rallied 6% to Rs 754 on the BSE after the pharmaceutical company said that its board approved the consolidation of shareholding in Alivira by acquiring all the shares held in Alivira from Unit Trust of India Investment Advisory Services Limited A/c Ascent India Fund III and Devicam Capital LLP.
On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of the company.
The consideration towards the acquisition of 9.99 million Alivira shares will be settled through the issue of 3.59 million equity shares of Sequent Scientific (stocks swap) by way of preferential allotment to Ascent and Devicam.
Sequent will issue 2.83 million shares to UTI Investment Advisory Services and 0.76 million shares to Devicam Capital on a preferential basis for consideration other than cash, at a price of Rs 669.10 per equity share.
The stock opened at Rs 732 and touched a record high of Rs 774 on the BSE. Till 1508 hours, around 32,000 shares changed hands as against an average sub-10,000 shares that were traded daily in past two weeks on the BSE.
On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of the company.
The consideration towards the acquisition of 9.99 million Alivira shares will be settled through the issue of 3.59 million equity shares of Sequent Scientific (stocks swap) by way of preferential allotment to Ascent and Devicam.
Sequent will issue 2.83 million shares to UTI Investment Advisory Services and 0.76 million shares to Devicam Capital on a preferential basis for consideration other than cash, at a price of Rs 669.10 per equity share.
The stock opened at Rs 732 and touched a record high of Rs 774 on the BSE. Till 1508 hours, around 32,000 shares changed hands as against an average sub-10,000 shares that were traded daily in past two weeks on the BSE.