FDC promoters plan to sell 67% stake; stock hits 52-week high
FDC surged over 14% to hit a 52-week high of Rs 105.95 on reports that the promoters of the pharma firm, plan to sell their 67% stake in the company.
By ET Online | Updated:
NEW DELHI: FDC Ltd surged over 14 per cent on Monday to hit its 52-week high of Rs 105.95 on reports that the Chandavarkar family - promoters of the pharma firm, plan to sell their 67% stake in the company, ET reported.
At 10:15 am, FDC was trading 13 per cent higher at Rs 99.80. It has hit a low of Rs 90 and a 52-week high of Rs 105.95.
"FDC makes the popular brand Electral and had sales of Rs 774 crore. Buyout fund Carlyle had shown interest in buying the company and had even valued it at about Rs 3,800 crore. But it is not known if a transaction will take place with the private equity fund," said the report.
"FDC, with a market cap of Rs 1,621 crore, has a strong portfolio of anti-infective drugs. Its brand Zifi is one of the top 20 anti-infective brands in the country," according to ET.
The company has been growing at an average of 8% in 2012, compared to the industry growth of 16 per cent.
At 10:15 am, FDC was trading 13 per cent higher at Rs 99.80. It has hit a low of Rs 90 and a 52-week high of Rs 105.95.
"FDC makes the popular brand Electral and had sales of Rs 774 crore. Buyout fund Carlyle had shown interest in buying the company and had even valued it at about Rs 3,800 crore. But it is not known if a transaction will take place with the private equity fund," said the report.
"FDC, with a market cap of Rs 1,621 crore, has a strong portfolio of anti-infective drugs. Its brand Zifi is one of the top 20 anti-infective brands in the country," according to ET.
The company has been growing at an average of 8% in 2012, compared to the industry growth of 16 per cent.
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