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Cipla arm to exit China's Jiangsu

  •   Wed, Dec 10 2014 07:47:06 PM

Mumbai, Dec 10 (IANS): Pharma major Cipla's Mauritius-based subsidiary Meditab Holding Ltd is selling its entire equity stake of 48.22 percent, valued at $18.5 million (Rs.115 crore), in Jiangsu Cdymax Pharmaceuticals Co Ltd in China.

In a regulatory filing to the Bombay Stock Exchange (BSE) Wednesday, the city-based company said it had entered into a definitive agreement to sell Meditab's stake to an affiliate of one of Jiangsu's shareholders.

"The transaction is subject regulatory approvals in China," the company said in the filing.

The shares of $1.5 billion-company closed at Rs.649.35 at the end of trading session on the BSE after touching a high of Rs.651.90 and 9.50 points higher than Tuesday's closing rate of Rs.639.85.

 
  

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Title: Cipla arm to exit China's Jiangsu



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