Aurobindo Pharma Ltd terminates agreement with Cronus Pharma

Aurobindo Pharma Ltd had entered into binding agreements with Cronus Pharma Specialities India Private Limited (Cronus Pharma) for acquisition of 51% ownership in Cronus Pharma by subscribing to 95,059,963 equity shares of Rs.10/- each at a premium of Rs.34.18 per equity share aggregating to Rs.420 crores.

The board of Directors in its meeting held today has approved the termination of the aforesaid agreements and the parties have mutually agreed and terminated the said agreements.

Shares of Aurobindo Pharma Ltd. was last trading in BSE at Rs. 681.45 as compared to the previous close of Rs. 721.9. The total number of shares traded during the day was 583987 in over 25745 trades.

The stock hit an intraday high of Rs. 722 and intraday low of 677.05. The net turnover during the day was Rs. 406505514.

Source : Equity Bulls

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