Cipla update on sale of businesses by subsidiaries

The subidiaries of Cipla Ltd have signed the below agreements:

- "Business Transfer Agreement" between Quality Chemicals Limited, Uganda, ("QCL") and Cipla Quality Chemical Industries Limited, Uganda, ("CQCIL"), step-down subsidiaries of the Company, to sell Human Healthcare business of QCL to CQCIL, at a consideration of USD 1,271,747.

- "Share Sale and Purchase Agreement" between Company's wholly owned subsidiary Cipla (EU) Limited, United Kingdom, QCL, Mr. Emmanuel Katangole, Mr. Fredrick Mutebi Kitaka and Mr. George Baguma to sell entire stake aggregating to 51% of the total paid-up equity share capital in QCL, held by Cipla (EU) Limited to Mr. Emmanuel Katangole, Mr. Fredrick Mutebi Kitaka and Mr. George Baguma for a total consideration of USD 344,239. Subsequent to the sale, QCL will cease to be a subsidiary of the Company.

Shares of CIPLA LTD. was last trading in BSE at Rs.762.65 as compared to the previous close of Rs. 758.45. The total number of shares traded during the day was 361662 in over 7237 trades.

The stock hit an intraday high of Rs. 771.6 and intraday low of 758.45. The net turnover during the day was Rs. 276477617.

Source : Equity Bulls

Keywords