Cipla has gained nearly 3% to Rs 425 in early morning deals on NSE after the pharmaceutical company said it has acquired 60% stake in a new company in Sri Lanka for $14 million (nearly Rs 85 crore) to market its product in the country.
Cipla (Mauritius) Limited, a wholly owned subsidiary of the Company has signed a definitive agreement with the Company’s existing Sri Lankan distributor for acquisition of 60% stake in a new company which will market the Company’s products in Sri Lanka, Cipla said in a statement.
The consideration payable for the transaction is USD 14 million, it added.
The stock opened at Rs 420 and touched a low of Rs 418 on NSE. A combined 720,000 shares changed hands on the counter so far on NSE and BSE.
Cipla (Mauritius) Limited, a wholly owned subsidiary of the Company has signed a definitive agreement with the Company’s existing Sri Lankan distributor for acquisition of 60% stake in a new company which will market the Company’s products in Sri Lanka, Cipla said in a statement.
The consideration payable for the transaction is USD 14 million, it added.
The stock opened at Rs 420 and touched a low of Rs 418 on NSE. A combined 720,000 shares changed hands on the counter so far on NSE and BSE.
