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Sale of Sequent stake to Strides Pharma - Angel Broking

Posted On: 2020-09-27 23:45:10


Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd

"Sequent Scientific Limited sold stake in Strides Pharma Science Limited to Pronomz Ventures LLP. Company informed you that the sale of shares was consummated on 25th September. The proceeds from the sale of stack in Strides Pharma Science Limited net of taxes will be predominantly utilised to consolidate the Company's shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey (Provet) by acquiring 40% stake held by Dr. Husein Aydin in Provet, with the balance to be used to pay the outstanding debt of the Company. Post the acquisition of a minority stake, which is expected to close on or before October 31, 2020, Provet will become a wholly owned subsidiary of the Company. This is positive development for the company."

Shares of Strides Pharma Science Ltd was last trading in BSE at Rs.660.2 as compared to the previous close of Rs. 641.25. The total number of shares traded during the day was 132654 in over 3697 trades.

The stock hit an intraday high of Rs. 666.85 and intraday low of 646.05. The net turnover during the day was Rs. 87090519.


Source: Equity Bulls

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