Oct 12, 2017 07:54 PM IST | Source:

Claris Lifesciences net cash stands at Rs 381 per share, stock down 7.46%

Drug maker Claris Lifesciences said its net cash availability stands at Rs 2077 crore translating to Rs 381 per every single share, without considering taxes.

Viswanath Pilla @viswanath_pilla
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Drug maker Claris Lifesciences said its net cash availability stands at Rs 2077 crore translating to Rs 381 per every single share, without considering taxes.

The Ahmedabad-based company said it's still in the "process of evaluating various alternatives to distribute the net cash to its shareholders" that include options such as paying out dividend or a share buy-back.

Claris sold its core global generic injectables business to US-based Baxter International for Rs 4200 crore in July and 20 percent stake in JV with Japan-based Otsuka Pharmaceuticals for Rs 129 crore.

The net cash is arrived at after the company deducted Rs 1537 crore in the form of taxes, repayment of debt, costs for the transactions, incentives to employees and key managerial personnel, other outstanding liabilities and payments, contingencies and contingent liabilities.

The company said its board has taken a note and approved various expenses and costs that included.

Claris shareholders weren't enthused with the company shares lost 7.46 percent to close at Rs 335.70 on BSE, while the benchmark Sensex gained 1.09 percent to end at 32,182.22 points.

The company in July said it will discuss with its advisors and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholders, and said it expects to communicate the process before October 15.

The promotes of Claris hold 50.13 percent, while the rest is held by institutional and individual shareholders.

Annual sales for Claris' injectables business was approximately USD 112 million in 2016.

For FY16, Claris reported net sales of Rs 754 crore, growing at 14 percent while its profit after tax stood at Rs 34 crore.
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