Aurobindo Pharma went up over 4.5% to hit an intraday high at Rs.1012.90. Its 52-week high is at Rs.1063.75.
The company announced the transfer of business undertaking comprised in Unit·4, on a going concern basis, to Eugia Pharma Specialities, a wholly owned subsidiary of the company.
The transfer of the business undertaking will be done for a lumpsum consideration of Rs.876 crore. The slump sale is proposed with the objectives of integration of Unit 4 along with other units in Eugia Pharma Specialities to improve operational synergy.
The Unit 4 of the company engaged in the business of manufacture of generic injectables and Ophthalmics. In FY21, this unit contributed 6% to total turnover of the Aurobindo Pharma.
The completion of the sale is estimated in Q2FY22 and business transfer will be effective from 1st July 2021 onwards.