Sequent Scientific is among the top five gainers on the BSE since the opening bell today; the stock rose more than 14.5% to hit an intraday high at Rs.71.51 on the back of more than 9x rise in volumes.
Yesterday, after market hours, the company announced that the share purchase agreement entered with Tineta Pharma and its promoters in Nov’22 stands terminated.
The company had signed an agreement in Sept to acquire a 100% stake in Tineta, which specializes in livestock business. The enterprise value was worked out at Rs.218 crore and of this, Rs.153 crore was to be paid as cash consideration and the balance of Rs.65 crore was via preferential allotment of Sequent’s equity shares.
The market is obviously relieved because it means that Rs.218 crore is saved as of now.