Shares of Sun Pharmaceutical Industries gained as much as 1.62 per cent on Tuesday after the pharma major informed BSE that one of its wholly-owned subsidiaries has entered into an agreement with Nostrum Laboratories Inc for the divestment of the Bryan (Ohio) unit in the US.
“During the divestment process, Sun Pharma was cognizant that the interests of its employees working in the unit were not compromised,” the company said in a BSE filing.
At 2.54 pm, the share price of Sun Pharma were up 1.01 per cent on BSE and 0.83 per cent on NSE at Rs 776.35 and Rs 775, respectively. Later, the share price of the company settled 0.66 per cent up at Rs 773.70.
While other details of the transaction are confidential, the financial impact of this development on Sun Pharma is negligible, the Mumbai-based firm said.
In the past one year, the share price of Sun Pharma dropped 8.71 per cent to Rs 768.60 on December 14. Sensex fell around 8 per cent during the same period.
The promoters holding in the company stood at 54.71 per cent while institution and non-institutions held 35.62 per cent and 9.67 per cent respectively.