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Sun Pharmaceutical Industries Limited announces sale of Kayaku Co. Ltd
Posted On : 2021-09-01 22:26:42( TIMEZONE : IST )
Sun Pharmaceutical Industries Limited has announced about the sale of Kayaku Co. Ltd, a wholly-owned subsidiary of Sun Pharma Japan Limited ("Sun Pharma Japan"), a step-down subsidiary of the Company. Sun Pharma Japan sold its entire shareholding in Kayaku Co. Ltd. to Shinshin Pharmaceutical Co., Ltd. ("buyer") on pt September 2021 for a total consideration of JPY 353,983 ,400. Thus Kayaku Co. Ltd has ceased to be the subsidiary of the Company w.e.f. today.
Shinshin Pharmaceutical Co. Ltd., is a Japan-based pharmaceutical company with its office at 324 Imaich, Toyama City, Toyama 930-2224 Japan. The buyer does not belong to the promoter / promoter group / group companies, and the transaction does not fall within the purview of Related Party Transactions.
The subsidiary company, Kayaku Co. Ltd whose entire shareholding is sold to the buyer comprised a factory at Tokorozawa and its related assets and liabilities. It is engaged in the business of manufacturing pharmaceutical products for external pharmaceutical companies.
The other business of Kayaku Co. Ltd comprising the Saitama Factory and products manufactured thereat were carved out of Kayaku Co. Ltd with effect from P1 September, 2021 and transferred to Sun Pharma Japan Technical Operations Limited, a new subsidiary of Sun Pharma Japan set up for the purpose.
The turnover and net worth contributed by Kayaku Co. Ltd, to the extent of Tokorozawa Factory and products manufactured thereat, during the last financial year i.e. FY 20-21 was about JPY 1,933 million and about JPY 1,650 million respectively, which translates to less than 0.5% of the consolidated turnover and consolidated net worth of the Company respectively.
Shares of Sun Pharmaceutical Industries Ltd. was last trading in BSE at Rs. 788.3 as compared to the previous close of Rs. 794.15. The total number of shares traded during the day was 110274 in over 3855 trades.
The stock hit an intraday high of Rs. 803.5 and intraday low of 787.35. The net turnover during the day was Rs. 87513695.
