Zydus Lifesciences rises as its arm inks share purchase agreement to acquire stake in Mylab
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Zydus Lifesciences is currently trading at Rs. 559.20, up by 2.35 points or 0.42% from its previous closing of Rs. 556.85 on the BSE.
The scrip opened at Rs. 560.00 and has touched a high and low of Rs. 563.50 and Rs. 558.10 respectively. So far 11529 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 564.50 on 21-Jun-2023 and a 52 week low of Rs. 338.00 on 26-Jul-2022.
Last one week high and low of the scrip stood at Rs. 564.50 and Rs. 547.75 respectively. The current market cap of the company is Rs. 56567.03 crore.
The promoters holding in the company stood at 74.98%, while Institutions and Non-Institutions held 17.02% and 8.00% respectively.
Zydus Lifesciences’ wholly owned subsidiary -- Zydus Animal Health and Investments (ZAHL) has entered into a Share Purchase Agreement (SPA) with Rising Sun Holdings (Seller) and Mylab Discovery Solutions (Target) to acquire 65,06,500 equity shares having face value of Re 1 each (which are fully paid-up) at an agreed consideration of Rs 106 crore representing 6.5% of the total paid-up equity share capital of Mylab from the Seller. The ultimate number of shares to be held can change, as per the terms of the Agreement, based on the financial performance of Mylab for the year ending on March 31, 2024.
The proposed investment in Mylab will help the company to participate in growing diagnostics space which is expected to witness increased penetration through in-clinic solutions with Point of Care Testing (POCT) devices.
Zydus Lifesciences (formerly known as Cadila Healthcare) is an India-based pharmaceutical company.
