Shares of Albert David Ltd (ADL) closed 6.89% higher at Rs. 293.30 on BSE after the company entered in a deal with Zydus Cadila. The deal is valued at Rs. 55 crore.
The company informed the BSE that it has today entered into agreements with Zydus Healthcare Ltd, a wholly owned subsidiary of Cadila Healthcare Limited, for the sale of ADL's brand 'Actibile' with a free and marketable title along with all business information, know-how and the trademarks associated with the brand for the following territories: (i) the Union of India; (ii) Nepal, (iii) South America (excluding Peru and Colombia), (iv) The United States of America; (v) Japan, (vi) South Africa; (vii) the European Union; and (viii) East Europe.
The transaction was a part of strategic initiative by Albert David Limited and the proceeds front the sale will be invested for growth and expansion of the branded formulation business of the Company.
The said asset purchase transaction with Zydus Healthcare Limited is not a related party transaction.
The scrip opened at Rs. 272 and touched a high and low of Rs. 297.9 and Rs. 272 respectively. A total of 16081(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 156.68 crore.
The BSE group 'XC' stock of face value Rs. 10 touched a 52 week high of Rs. 436.5 on 01-Dec-2015 and a 52 week low of Rs. 238.2 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs. 279.6 and Rs. 260.3 respectively.
The promoters holding in the company stood at 60.9 % while Institutions and Non-Institutions held 4.55 % and 34.55 % respectively.
The stock traded above its 200 DMA.