Suven Life Sciences
, in its filing to the exchanges informed that the company received approval of “Stalking Horse” agreement from the US Bankruptcy Court to buy the assets of Rising Pharmaceuticals through its joint venture partner Shore Suven Pharma Inc.
The sale was conducted through a Court-supervised process under Section 363 of the Bankruptcy Code. Under that process, Shore Suven Pharma’s purchase agreement served as the “Stalking Horse agreement” and an auction would have been conducted had the company received qualified offers from other bidders reflecting potentially higher and/or otherwise better terms. No such bids were received prior to the bid deadline, the company said in a press note to the exchanges on Saturday.
Therefore, no auction was conducted and Shore Suven Pharma was selected as the successful bidder for Rising Pharmaceuticals on March 29, 2019. The transaction is expected to close on April 19, 2019, subject to the satisfaction of certain other conditions, the company added.
Suven Life Sciences Ltd's share price ended at Rs268.70, down by Rs1.4 or 0.52%, from its previous close of Rs270.10 on the BSE.
The scrip opened at Rs270 and touched a high and low of Rs272.80 and Rs267.35, respectively. A total of, 2,13,082 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs3,420.08cr.