Elder Pharma up over 5 pc on proposed deal with UK firm
Shares of Elder Pharmaceuticals soared over five per cent on the Bombay Stock Exchange on Friday, after surging to a year-high, buoyed by the company's offer to acquire UK-based NeutraHealth Plc for about Rs 70.60 crore.
By PTI |
MUMBAI: Shares of Elder Pharmaceuticals soared over five per cent on the Bombay Stock Exchange on Friday, after surging to a year-high, buoyed by the company's offer to acquire UK-based NeutraHealth Plc for about Rs 70.60 crore.
The drug maker will execute the deal with NeutraHealth, in which it already holds 21.1 per cent stake, through its wholly-owned subsidiary in Dubai and has offered a price of 6.5 pence per share.
Elder Pharma closed the session at Rs 434.95, up 5.06 per cent on the Bombay Stock Exchange. During the trade, it touched a 52-week high of Rs 436, higher by 5.31 per cent.
The counter witnessed a similar upsurge on the National Stock Exchange and finished the day at Rs 435, up 4.12 per cent.
On the volume front, over 2.6 lakh shares of the company were traded on the two bourses.
Other major pharma counters also finished the day in the green, with Ranbaxy and Aurobindo zooming 5.98 and 4.76 per cent, respectively. Cipla too edged higher by 1.13 per cent.
Meanwhile, the broader gauge Sensex closed at 19,594.75 after a firm trading session, up by 0.91 per cent, from previous close.
NeutraHealth focuses on the highly fragmented vitamins, minerals and supplements sector within the UK and Europe. It has three group companies, Biocare, Brunel Healthcare and Totally Nourish.
Elder Pharma's qualified institutional placement (QIP) of shares issues opened on Friday. The company is looking to raise about $50 million through the QIP.
The drug maker will execute the deal with NeutraHealth, in which it already holds 21.1 per cent stake, through its wholly-owned subsidiary in Dubai and has offered a price of 6.5 pence per share.
Elder Pharma closed the session at Rs 434.95, up 5.06 per cent on the Bombay Stock Exchange. During the trade, it touched a 52-week high of Rs 436, higher by 5.31 per cent.
The counter witnessed a similar upsurge on the National Stock Exchange and finished the day at Rs 435, up 4.12 per cent.
On the volume front, over 2.6 lakh shares of the company were traded on the two bourses.
Other major pharma counters also finished the day in the green, with Ranbaxy and Aurobindo zooming 5.98 and 4.76 per cent, respectively. Cipla too edged higher by 1.13 per cent.
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Meanwhile, the broader gauge Sensex closed at 19,594.75 after a firm trading session, up by 0.91 per cent, from previous close.
NeutraHealth focuses on the highly fragmented vitamins, minerals and supplements sector within the UK and Europe. It has three group companies, Biocare, Brunel Healthcare and Totally Nourish.
Elder Pharma's qualified institutional placement (QIP) of shares issues opened on Friday. The company is looking to raise about $50 million through the QIP.
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