TAKE Solutions Limited aborts stake sale in CRO business

In view of the injunction order of the Honorable Madras High Court, the company has decided to abort the proposed stake sale of its CRO business under the brand name "Navitas" to HIG Capital. While the Company reserves the right to appeal against the injunction in the appropriate Court, it will in the meanwhile fully comply with the order of Honorable Madras High Court.

The primary purpose of this transaction was to deleverage of the company; and to comply with its current debt obligations. The discontinuation of the proposed stake sale will compel the company to be in default of its debt obligations.

Shares of Take Solutions Limited was last trading in BSE at Rs. 44.90 as compared to the previous close of Rs. 46.55. The total number of shares traded during the day was 123153 in over 1588 trades.

The stock hit an intraday high of Rs. 45.65 and intraday low of 44.20. The net turnover during the day was Rs. 5531089.00.

Source : Equity Bulls

Keywords

TakeSolutions INE142I01023 StakeSaleAborted HIghCourtInjunctionOrder Navitas CROBusiness