Laurus Labs to buy 26% stake in Ethan Energy at Rs 52.70 per share

Laurus Labs (File image)

Pharma company Laurus Labs on November 24 said it will acquire 26 percent stake in solar charger manufacturer Ethan Energy India Private Limited at Rs 52.70 per share.

The total number of shares to be bought by Laurus Labs will be 7,40,000.

Via this stake buy, Laurus Labs will be able to consume 100 percent of Ethan Energy's 10 MW solar energy plant, it said in a regulatory filing.

Laurus Labs had reported a 14 percent year-on-year rise in consolidated net profit at Rs 233 crore in the quarter ended September 30, 2022. It had reported a profit of Rs 204 crore in the corresponding quarter last year. Revenue from operations rose to Rs 1,576 crore from Rs 1,203 crore in the year-ago quarter.

Meanwhile, shares of Laurus Labs on November 24 ended 1.11 percent lower at Rs 450.65 apiece on the BSE against its previous close. The company's scrip has declined 14.76 percent year-to-date.