Moneycontrol
Apr 21, 2017 01:27 PM IST | Source: Moneycontrol.com

Panacea Biotec up 9%, to sell 100% stake in arm to Narayana Hrudayalaya

The company has entered into definitive agreement to divest its 100 percent stake held in NewRise Healthcare to Narayana Hrudayalaya.

 
 
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Shares of Panacea Biotec rose 9.6 percent intraday Friday as it is going to sell its entire stake in NewRise Healthcare to Narayana Hrudayalaya.

The company has entered into definitive agreement to divest its 100 percent stake held in NewRise Healthcare to Narayana Hrudayalaya.

Under the definitive agreement, the company has agreed to sell its 100 percent equity share in NewRise Healthcare to Narayana Hrudayalaya and the company’s associate company PanEra Biotec has agreed to sell 100 percent preference shares in NewRise Healthcare.

At 13:22 hrs Panacea Biotec was quoting at Rs 164.20, up Rs 5.10, or 3.21 percent on the BSE.

Posted by Rakesh Patil
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