GlaxoSmithKline Pharmaceuticals Ltd to sell facility in Vemgal, Karnataka to Hetero Labs Ltd

The Board of Directors of GlaxoSmithKline Pharmaceuticals Limited (the "Company") at its meeting held yesterday approved the sale of the Company's business undertaking i.e., manufacturing facility together with the land, plant and machinery, assets, software and equipment located at Vemgal, Karnataka to Hetero Labs Limited, a company incorporated under the laws of India with CIN: U24110TG1989PLC009723 and having its registered office at 7-2-A2, Hetero Corporate Industrial Estate, Sanath Nagar, Hyderabad 500018, Telangana, India ("Transaction").

The Transaction is subject to receipt of all statutory approvals from the concerned authorities & members of the Company and signing of the definitive documents between the Company and Hetero Labs Limited in this regard.

The asset transfer agreement (the "ATA") is expected to be entered into within a period of [5] business days. The asset sale is conditional upon satisfactory completion of the respective conditions, precedent by the parties (including obtaining members' approval and applicable statutory approvals).

The Consideration received from the above sale is INR 180 crores.

Shares of GLAXOSMITHKLINE PHARMACEUTICALS LTD. was last trading in BSE at Rs.1424.15 as compared to the previous close of Rs. 1405.35. The total number of shares traded during the day was 789 in over 140 trades.

The stock hit an intraday high of Rs. 1429.75 and intraday low of 1417.75. The net turnover during the day was Rs. 1124904.

Source : Equity Bulls

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