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.