Moneycontrol Bureau
Shares of Dishman Pharma jumped 3 percent intraday on Monday as it is planning to sell off its Gujarat land to reduce debt. The drug company is in talks to sell its 175 hectares of land in Gujarat to Nirma for about Rs 650 crore, as it is reeling under a burden of Rs 800 crore debt, including current maturity of long term loans.
The Ahmedabad-based contract research and manufacturing services (CRAMS) company is also looking at exiting its Shanghai facility.
In 2009, Dishman had scrapped plans to set up an engineering Special Economic Zone (SEZ) due to global slowdown and merged it with the adjoining pharma SEZ in Bavla, near Ahmedabad.
Sources said the company is looking at exiting the SEZ business altogether by selling of the land in Gangad and Kalyangadh village near Bavla in Gujarat.
At 12:22 hrs, the stock was quoting at Rs 96.50, up Rs 1.40, or 1.47 percent on the BSE.
(With inputs from PTI)
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