Sun Pharmaceutical Industries share price gained in the early trade on January 1 after the company is going to sell its entire holding in Japanese subsidiary.
At 09:26am, Sun Pharmaceutical Industries was quoting at Rs 1,898.45, up Rs 13.95, or 0.74 percent, on the BSE.
The company has entered into an agreement with Zaza Industrial Holdings K.K, Japan, under which company has agreed to sell 100 percent shares held in Sun Pharma Japan Technical Operations, a step-down subsidiary of the company (through its subsidiary, Sun Pharma Japan Limited).
Consequently, Sun Pharma Japan Technical Operations shall cease to be a subsidiary of the company.
The expected date of completion of sale/disposal will be January 31, 2025.
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Turnover of Sun Pharma Japan Technical Operations is less than 0.5 percent of Sun Pharma’s consolidated turnover for FY 2023-24.
The said subsidiary operates a plant in Saitama, Japan, which manufactures products for Sun Pharma Japan. As part of the sale agreement, the plant is contracted to supply products to Sun Pharma until May 2026.
The share touched a 52-week high of Rs 1,960.20 and a 52-week low of Rs 1,287.75 on 30 September, 2024 and 05 January, 2024, respectively.
Currently, the stock is trading 3.15 percent below its 52-week high and 47.42 percent above its 52-week low.
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