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Mumbai: Shares of Wockhardt surged over 3 per cent in morning trade on Monday on the Bombay Stock Exchange amid the pharma company selling its animal healthcare business to a French company.
Wockhardt opened firm on the exchange and rallied to a high of Rs 147.90, up 3.86 per cent over the previous close.
Wockhardt said it has entered into an agreement with France-based Vetoquinol to divest the Animal Health Division and the deal, according to sources, is estimated at Rs 170-180 crore.
On the National Stock Exchange, the scrip gained 4.60 per cent to touch a high of Rs 149.
Reeling under the debt, this is the second sale of business by Wockhardt this month. Earlier, the company had sold its German subsidiary for an undisclosed sum.
The Animal Health Division had net sales of Rs 77 crore for the year ended December 31, 2008. Shareholders of the company approved the divestment of the division through a postal ballot on June 1.
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