 "Vivimed Labs gains on sale of certain products to Clariant Chemicals")
Vivimed Labs is trading higher by 4.4% at Rs 342 on the BSE after the company announced that it has signed a definitive agreement for the transfer and sale of certain products of its speciality chemicals divison to Clariant Chemicals.
The transaction value of identified products lines at an enterprise value of Rs 380 crore, Vivined Labs said in a release.
The part of speciality chemicals division's business, which is proposed to be divested, accounted for about 10% of the consolidation revenue from operation in FY2015. A major portion of the receipts will be used to reduce debts thereby saving substantial interest cost going forward, it added.
The stock opened at Rs 336 and touched high of Rs 348 on the BSE. A combined 454,352 shares changed hands on the counter on the BSE and NSE till 11:53 am.
The transaction value of identified products lines at an enterprise value of Rs 380 crore, Vivined Labs said in a release.
The part of speciality chemicals division's business, which is proposed to be divested, accounted for about 10% of the consolidation revenue from operation in FY2015. A major portion of the receipts will be used to reduce debts thereby saving substantial interest cost going forward, it added.
The stock opened at Rs 336 and touched high of Rs 348 on the BSE. A combined 454,352 shares changed hands on the counter on the BSE and NSE till 11:53 am.
