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Stock Report
PI Industries Ltd updates on BTA with Ind Swift Laboratories Ltd
Posted On : 2021-11-07 13:15:51( TIMEZONE : IST )
The company had announced regarding execution of a business transfer agreement dated July 30, 2021 (BTA) amongst PI Industries Limited (Company / we / us), Ind Swift Laboratories Limited (ISLL) and Promoters of ISLL for acquisition (either by the Company itself or through its affiliate) of API business division of ISLL by way of a slump sale on a going concern basis.
The consummation of the transaction was subject to fulfilment of pre-defined conditions precedents before the Long Stop Date of October 31, 2021. Since ISLL has not been able to complete several of these pre-agreed conditions precedents, the BTA stands terminated.
In view of non-fulfillment and also disagreement on some of the pre-agreed conditions, the Company has decided not to further pursue the aforesaid transaction.
PIs' strategy to strengthen presence in custom synthesis exports through diversification into adjacencies including Pharma remains intact. The R&D establishment within PI remains attuned to developing and scaling multiple advanced technologies, processes, and platforms to execute its longterm strategy.
The Company will also continue to evaluate other M&A opportunities that are aligned to it strategic direction with the intention to create a differentiated scale play in Pharma.
Shares of Ind-Swift Laboratories Limited was last trading in BSE at Rs. 77.20 as compared to the previous close of Rs. 74.10. The total number of shares traded during the day was 78785 in over 952 trades.
The stock hit an intraday high of Rs. 79.00 and intraday low of 76.10. The net turnover during the day was Rs. 6100171.00.
Shares of PI Industries Limited was last trading in BSE at Rs. 2769.05 as compared to the previous close of Rs. 2732.95. The total number of shares traded during the day was 5100 in over 1365 trades.
The stock hit an intraday high of Rs. 2777.35 and intraday low of 2748.00. The net turnover during the day was Rs. 14109377.00.
