Poly Medicure share price rallied 12 percent intraday on Friday as investors cheered acquisition of Italian company by its subsidiary.
The medical devices maker informed exchanges that subsidiary Poly Medicure BV, Netherlands has entered into a share purchase agreement with Plan 1 Health SRL, Italy to acquire 82 percent share capital of the same.
"Plan 1 Health SRL will become a subsidiary of Poly Medicure BV and in turn an indirect subsidiary of Poly Medicure as and when the share acquisition / transfer process is completed," it said.
It further said the subsidiary is acquiring only infusion and vascular access business of the Italian firm.
At 13:54 hours IST, the stock price was quoting at Rs 201.60, up Rs 8.55, or 4.43 percent on the BSE.
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