Prabhat Dairy surges 5% on sale of subsidiary

Shares of Prabhat Dairy surged 5 percent intraday on April 12 after the company completed the sale of its shareholding in wholly owned step down subsidiary, Sunfresh Agro Industries Private Limited (SAIPL) to Tirumala Milk Products Private Limited.

The company in its BSE release said that the transaction was "by way of slump sale on a going concern basis to SAIPL post completion of the transfer of SAIPL shares is successfully completed and closed on April 10."

The share touched its 52-week high of Rs 190 and 52-week low of Rs 47.15 on 18 April 2018 and 6 February 2019, respectively.

At 0939 hrs, Prabhat Dairy was quoting Rs 82.05, up 4.99 percent on the BSE.