Syngene International gains on inking pact to acquire 26% stake in O2 Renewable Energy II
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Syngene International is currently trading at Rs. 605.90, up by 4.80 points or 0.80% from its previous closing of Rs. 601.10 on the BSE.
The scrip opened at Rs. 585.25 and has touched a high and low of Rs. 605.90 and Rs. 585.25 respectively. So far 3349 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 686.00 on 15-Sep-2021 and a 52 week low of Rs. 508.10 on 22-Feb-2022.
Last one week high and low of the scrip stood at Rs. 619.65 and Rs. 571.30 respectively. The current market cap of the company is Rs. 24130.23 crore.
The promoters holding in the company stood at 70.29%, while Institutions and Non-Institutions held 18.33% and 11.39% respectively.
Syngene International has entered into an agreement for the purpose of acquisition of renewable power by acquiring equity stake up to 26% in O2 Renewable Energy II (O2), Special Purpose Vehicle formed by O2 Energy SG, for generation and supply of renewable power. The objects and effects of acquisition is to enhance the renewable based power consumption, Syngene International Limited will acquire and maintain upto 26% stake in O2 throughout the term of the Power Purchase Agreement to maintain captive status as per Electricity Act, Share Purchase/ Subscription Agreement and Shareholders Agreement.
Syngene International is India’s largest Contract Research Services Organization providing integrated discovery and development services for novel molecules across multiple platforms including small molecules, large molecules, Antibody-Drug Conjugates and Oligonucleotides.
