Strides surges after buying Bafna's India generic biz - The New Indian Express

Strides surges after buying Bafna's India generic biz

Published: 21st July 2014 03:19 PM

Last Updated: 21st July 2014 03:19 PM

Strides Arcolab, a pharmaceutical company manufacturing IP-led niche products,witnessed a sharp rise in share priceson Monday after the company entered into an agreement with Bafna Pharmaceuticals to acquire majority stake of their India branded generic business for a cash consideration of Rs 481 million.

The transaction is expected to close by end of September 2014 and is subject to customary closing conditions and statutory approvals, the company said.

Shares of the company are trading at Rs 673.50, up Rs 19.3, or 2.95% at the Bombay Stock Exchange (BSE) on Monday at 1:51 p.m.The scrip has touched an intra-day high of Rs 690 and low of Rs 653.95. The total volume of shares traded at the BSE is 90,911.

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