Aurobindo Pharma Ltd updates on sale of business to Apitoria Pharma Pvt Ltd

Aurobindo Pharma Ltd had entered into Business Transfer Agreements ("BTA") with Apitoria Pharma Private Limited (formerly known as Auro Pharma India Private Limited) (hereinafter referred to as "Apitoria"), a wholly-owned subsidiary of the Company for sale/transfer of the API Non-Antibiotic Business operated through its operating manufacturing plants, (Unit I, Unit VIII, Unit IX, Unit XI, Unit XIV (integrated unit) and R&D Unit 02) and API Antibiotic Business of the Company operated through its operating manufacturing plants, (Unit V & Unit XVII), respectively, (both excluding the land and buildings pertaining to the said divisions), as a going concern on slump sale basis.

In terms of the respective BTAs, the sale/transfer of the Company's API NonAntibiotic Business and API Antibiotic Business to Apitoria are complete on September 30, 2023 and consequently the API Non-Antibiotic Business and API Antibiotic Business shall be undertaken from Apitoria with effect from October 1, 2023.

Given that the key regulatory approvals in respect of the above business transfers were received on September 30, 2023, and the consequent restrictions to account the business transfer with effect from April 1, 2023, it is proposed to make the aforesaid business transfers effective from October 1, 2023.

Shares of Aurobindo Pharma Limited was last trading in BSE at Rs. 914.20 as compared to the previous close of Rs. 874.00. The total number of shares traded during the day was 335955 in over 11159 trades.

The stock hit an intraday high of Rs. 930.00 and intraday low of 902.00. The net turnover during the day was Rs. 309101726.00.

Source : Equity Bulls

Keywords

AurobindoPharma INE406A01037 BTA Sale ApitoriaPharma API NonAntibiotic Antibiotic