Comments
Drug major Cipla today said its subsidiary Goldencross Pharma has entered into a pact to sell its entire stake in Four M Propack to Shriji Polymers for a consideration of up to Rs 19.2 crore.
Goldencross Pharma Pvt Ltd, a wholly—owned subsidiary of the company, has entered into a definitive agreement to sell its 100 per cent equity stake in Four M Propack Ltd, India to Shriji Polymers India Ltd for a consideration of Rs 13.5 crore and an additional sum estimated at around Rs 5.7 crore, Cipla said in a filing to BSE.
The additional sum is derived on the basis of the value of mutual funds, cash and bank balance, tax refunds etc at the time of closing, it added.
“The transaction is expected to be completed within 45 days from the date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals,” Cipla said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.