PI Industries opened 4.5% higher today at Rs.3205.55 and rose further by 11.5% at its intraday high at Rs.3412. Its 52-week high is t Rs.3698.50. Volumes are robust, up almost 10x.
The stock price rose, reacting to its announcement yesterday evening that its wholly-owned subsidiary, PI Health Sciences Ltd (PIHSL), US-based Therachem Research Medilab (TRM USA), Pooran Chand, Namita Bansal and Therachem Research Medilab India had entered into a share purchase agreement to buy a 100% stake in TRM India, the Indian subsidiary of TRM USA.
They have also acquired Solis Pharmachem, another Indian subsidiary of TRM USA.
The company further said that PI Health Sciences Netherlands B.V. (“PIHS BV”) a wholly owned subsidiary of PIHSL, has entered into the share purchase agreement with existing sole shareholder of Archimica S.p.A. (“Archimica”), Plahoma Twelve GmbH, a private limited company incorporated under German law.
And PI Health Sciences USA, LLC (“PIHS LLC”), a wholly-owned subsidiary of PIHS BV has entered into an asset purchase agreement with TRM USA, Dr. Pooran Chand and Ms. Namita Bansal for acquisition of certain identified assets of TRM USA.
TRM US and its subsidiaries i.e., TRM India and Solis Pharmachem, are engaged in the business of research, development, and manufacturing of chemical compounds / key starting materials which are ultimately used for manufacturing of API (active pharmaceutical ingredients) and other pharmaceutical products