Natco Pharma stock ends higher after board approves hiking stake in Mauritius unit

Following the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of Natco Pharma.

Sep 10, 2020 04:09 IST India Infoline News Service

Shares of Natco Pharma ended higher on the BSE. The company said in an exchange filing that it has received approval from its board to purchase a 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.

The stock ended at Rs777.55, up by Rs15.9 or 2.09% from its previous closing of Rs761.65 on the BSE.

The scrip opened at Rs761.50 and has touched a high and low of Rs785 and Rs761.50 respectively.

Following the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of Natco Pharma. The transaction will hike Natco Pharmas stake in Time Cap to 100% from 93.90% currently, the company said in the filing.

The all-cash transaction is expected to complete within 3 months, the company added.

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