Strides up over 7% on agreement to settle claims on Agila sale
Press Trust of India New Delhi Shares of pharma major Strides Shasun surged over 7 per cent today after the company and the US-based Mylan agreed to settle regulatory and general claims on Agila transaction.
The stock soared 7.24 per cent to settle at Rs 1,123.75 on BSE. During the day, it jumped 9.50 per cent to Rs 1,147.50.
On NSE, it zoomed 7.24 per cent to close at Rs 1,123.65.
The company's market valuation rose by Rs 678.5 crore to Rs 10,042.50 crore.
Strides had completed the sale of its Agila Specialities division to Mylan Inc for a total consideration of up to USD 1.75 billion in December 2013.
"Strides and Mylan have now agreed on a full and final settlement of all regulatory claims notified by Mylan to the company and the subsidiary...Pursuant to this full and final settlement, Mylan's regulatory concerns will be satisfied from the regulatory escrow," Strides Shasun said in a BSE filing.
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