Alembic demerges pharma unit; stock up 15%
Alembic has approved demerger of its pharmaceutical unit. The new entity Alembic Pharma will be listed on the exchanges post merger.
By ET Bureau |
MUMBAI: Alembic has approved demerger of its pharmaceutical unit. The new entity Alembic Pharma will be listed on the exchanges post merger.
The company has proposed to demerge its domestic formulation, international generic and API business to its subsidiary company, Alembic Pharma.
Alembic holds 100 plus acres of land near Baroda and is planning to start real estate development soon.
Under the demerger scheme, the shareholders of Alembic will be issued one equity share of face value of Rs 2 each in Alembic Pharma for every one equity share of face value of Rs 2 held by them in the company. This will be in addition to the equity shares already held by the shareholders in Alembic.
At 3:15 pm, shares of Alembic were at Rs 57.20, up Rs 7.7 or 15.56 per cent on the NSE. The stock touched a high of Rs 58.30 and low of Rs 48.85 in trade so far.
The company has proposed to demerge its domestic formulation, international generic and API business to its subsidiary company, Alembic Pharma.
Alembic holds 100 plus acres of land near Baroda and is planning to start real estate development soon.
Under the demerger scheme, the shareholders of Alembic will be issued one equity share of face value of Rs 2 each in Alembic Pharma for every one equity share of face value of Rs 2 held by them in the company. This will be in addition to the equity shares already held by the shareholders in Alembic.
At 3:15 pm, shares of Alembic were at Rs 57.20, up Rs 7.7 or 15.56 per cent on the NSE. The stock touched a high of Rs 58.30 and low of Rs 48.85 in trade so far.
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