At 2:50 pm, the shares of Zydus Cadila were trading greater by 3 per cent on the BSEZydus Health care shares soared more than 3 per cent in a weak market on the news that Zydus Animal Health and Investments Limited (ZAHL), a completely owned subsidiary of Cadila Healthcare, is preparing to sell one of its animal health company companies.
Business will be hived off to a consortium led by Multiples Alternate Asset Management and consisting of Canada Pension Financial Investment Board and RARE Enterprises for Rs 2,921 crore.
At 2:50 pm, the shares of Zydus Cadila were trading at Rs 648.85, higher by 3 per cent, on the BSE.Mr.
Pankaj Patel, Chairman, Cadila Healthcare stated, Over the last 3 years Zydus Animal Health has grown to become a pioneer and market leader in the Indian animal health market.
With Multiples and its consortium partners devoted to growing the business, we make sure that Zydus Animal Health will continue to grow and reinforce its position in the industry.
The depression sale deal is anticipated to be complete within 90 days.The BSE Sensex was trading at 48,670.25, lower by 491.49 points or 1 per cent and the NSE Nify was at 14,693.95, down 1 per cent at the time.