Shares of Elder Pharma see buying interest on Friday as media reports indicated that Torrent Pharma is in talks to buy Elder's India business. The stock gained more than 6 percent in intraday trade.
"Torrent Pharma is said to have offered Rs 1,700 crore for buying the whole of India business of Elder Pharma," a media report said quoting unnamed sources. The current market capitalisation of the company is more than Rs 600 crore.
Recently, the talks to sale formulation operations of company with Sanofi hit a snag, reports CNBC-TV18 quoting sources.
In July, Elder Pharmaceuticals said its board of directors with a view to reducing the debt of the company had approved the proposal for carrying out restructuring of business involving either raising of capital, hiving off of assets or other strategic Options and had decided to appoint advisors for this purpose.
At 12:02 hours IST, the stock was up 3.5 percent to Rs 308.85 on the BSE while Torrent Pharmaceuticals rose 1.5 percent to Rs 472.75.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
