Tag: openmarket

Shares of Gland Pharma slipped 5 percent to Rs 1,787.55 on the BSE in Wednesday's intra-day trade after the company entered into a Put Option Agreement to acquire 100 percent of Cenexi Group for an equity value not exceeding Euro 120 million (Enterprise Value of Euro 230 million). The acquisition would provide the company with the technical know-how in sterile forms, including ophthalmic gel, needleless injectors, and hormones said, analysts. As the acquisition fulfills the need for a local presence to gain business in European markets, it is looked at in a positive light by analysts. The acquisition will be funded through internal accruals. Commenting on the deal, Srinivas Sadu, Managing Director and CEO of Gland Pharma, said during an analyst call earlier in the day: “Thanks to this deal, Gland would become one of the largest players in the CDMO space. This acquisition will not only help expand footprint but also accelerate product portfolio in the European market. Read more

Shares of Newgen Software Technologies hit a 52 week high, surging 4 percent to Rs 519.45, on the BSE in Wednesday's intra-day deals after the promoters sold their 10.57 percent stake in the company via open market on Tuesday. Three promoters of Newgen Software Technologies Ltd on Tuesday offloaded shares worth over Rs 335 crore of the firm which represents a 10.57 percent equity stake in the Company through open market transactions. The aforesaid stake in the Company was sold at an average price of approximately Rs 454 per equity share, which was at a marginal discount to the closing price of the stock on NSE on June 14, 2021, of Rs 458.3 per equity share, it said. Read more