Aventis Pharma Limited is holding 4,900,000 shares in Chiron Behring Vaccines Private Limited (CBVPL) representing 49% of the paid up capital CBVPL. The balance 51% shares are held by the joint venture partner, Novartis Vaccines & Diagnostics Inc.
CBVPL manufactures the anti-rabies vaccine Rabipur at its plant in Ankleshwar, which was until February 2009 distributed in India by Aventis Pharma Limited and is presently distributed by Novartis Healthcare Private Limited.
Aventis Pharma Limited have agreed with its joint venture partner, Novartis Vaccines & Diagnosics Inc. to sell its 49% shareholding to its nominee, Novartis Pharma AG and exit the joint venture.
The purchase price agreed to be paid to us in US Dollars 22.399 million. The Board of Directors of the Company, has approved the sale of the said 49% shareholding. The sale of the said shareholding is expected to close before December 31, 2010.
Aventis Pharma will continue to provide certain utilities and services to the Ankleshwar plant of CBVPL for a period of three years from the date of closing on mutually terms. Upon the closing of the sale of the shareholding the pending disputes between the Company and Novartis Vaccines & Diagnostics Inc./CBVPL shall stand resolved and all legal proceedings filed in connection with such disputes shall be unconditionally withdrawn.
The stock closed the day at Rs.1763.10, down by Rs.16.95 or 0.95%. The stock hit an intraday high of Rs.1919 and low of Rs.1756.
The total traded quantity was 60476 compared to 2 week average of 3713.