Aurobindo Pharma to increase stakes in Tergene Biotech

Aurobindo Pharma to increase stakes in Tergene Biotech

Pharma sector player, Aurobindo Pharma plans to increase its stake in Tergene Biotech. Tergene Biotech is a 60:40 joint venture between the company and the promoters of Tergene.

As agreed among the JV partners, the company will increase its stake in Tergene Biotech Private Ltd from 60% to 80% by subscribing to additional 56,50,000 equity shares of Rs 10 each at par aggregating to Rs 5.65 crore.

Tergene Biotech belongs to vaccine development industry. Till date Aurobindo Pharma acquired 3.25% and will continue to acquire balance 16.75% over a period of time.

Meanwhile, the stock ended lower by 5.84% at Rs 684.15 per share on BSE on Wednesday’s trade.

Aurobindo Pharma is a pharmaceutical company. The company is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs).

Stock view:

Aurobindo Pharma Ltd is currently trading at Rs 714, up by Rs 29.85 or 4.36% from its previous closing of Rs 684.15 on the BSE.

The scrip opened at Rs 701 and has touched a high and low of Rs 717.25 and Rs 701 respectively. So far 1565302(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 40083.15 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 895 on 06-Oct-2016 and a 52 week low of Rs 504 on 29-May-2017. Last one week high and low of the scrip stood at Rs 748.6 and Rs 677.3 respectively.

The promoters holding in the company stood at 51.87 % while Institutions and Non-Institutions held 33.81 % and 14.32 % respectively.

The stock is currently trading above its 50 DMA.

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