Stelis Biopharma updates on receipt of consideration from Syngene

Stelis Biopharma, an associate company of Strides, has provided the following update about the transaction with Syngene to transfer Stelis' Unit 3 multi-modal facility in Bengaluru.

- As informed earlier, gross consideration for the transaction was INR 617 crores. Post certain adjustments, the net consideration receivable was INR 563.2 crores.

On December 1, 2023, Stelis received INR 395 crores. Post completion of certain post-closing actions and final adjustments, Stelis has further received INR 158.2 crores on December 22, 2023.

Syngene is withholding INR 10 crores, which shall be released post fulfilment of few additional conditions by Stelis.

Shares of Strides Pharma Science Limited was last trading in BSE at Rs. 635.90 as compared to the previous close of Rs. 601.95. The total number of shares traded during the day was 55976 in over 3732 trades.

The stock hit an intraday high of Rs. 640.00 and intraday low of 600.60. The net turnover during the day was Rs. 35084563.00.

Source : Equity Bulls

Keywords

StridesPharmaScience INE939A01011 StelisBiopharma TransactionUpdate Syngene