Natco Pharma rose 2.04% to Rs 777.15 after the company received an approval from its board to purchase stake in Mauritius-based subsidiary.
Natco Pharma will purchase equity shares in Time Cap Overseas, Mauritius, a subsidiary of the company, from the other shareholder Venkatachari Madhusudhan who holds 6.10% shares of the company. This amounts to 72,710 equity shares of $10 face value amounting to $7,27,100.
Following the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of Natco Pharma. The transaction will hike Natco Pharma's stake in Time Cap to 100% from 93.90% currently. The all-cash transaction is expected to complete within 3 months. The announcement was made during market hours today, 10 September 2020.
Natco Pharma's consolidated net profit dropped 14.5% to Rs 122.10 crore on 14.4% jump in net sales to Rs 563.40 crore in Q1 June 2020 over Q1 June 2019.
Natco Pharma is among fastest growing pharmaceutical companies in India. The scrip soared 72.7% from its 52-week low of Rs 450 hit on 25 March 2020.
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