Concord Drugs jumps on getting nod to acquire entire stake in Proton Remedies
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Concord Drugs is currently trading at Rs. 35.80, up by 1.85 points or 5.45% from its previous closing of Rs. 33.95 on the BSE.
The scrip opened at Rs. 36.40 and has touched a high and low of Rs. 39.35 and Rs. 36.00 respectively. So far 49542 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 39.35 on 08-Sep-2022 and a 52 week low of Rs. 19.50 on 24-Jun-2022.
Last one week high and low of the scrip stood at Rs. 39.35 and Rs. 25.05 respectively. The current market cap of the company is Rs. 32.79 crore.
The promoters holding in the company stood at 49.00% and Non-Institutions held 51.00%.
Concord Drugs has received approval to acquire upto 100% stake in Proton Remedies (PRPL) at a consideration of Rs 283 per share on cash basis. The main objective of acquisition is to gain access of existing marketing network of PRPL to sell the products of Concord Drugs. The board of directors at its meeting held on September 07, 2022 has approved the same.
Concord Drugs is engaged in developing new products Viz MUPS (Multiple Unit Pellet System), Sustained Release, Modified Release pellets with Innovative Drug Delivery Technologies by utilizing best and latest processing machinery.
