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).
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