Pharma firm SeQuent Scientific today announced completion of sale of its specialty chemicals business to South Korea based Songwon Industrial Group for a total consideration of Rs 120 crore.
The division includes company's polymer stabiliser business and production site in Panoli, Gujarat along with the local Research and development team, SeQuent Scientific Ltd said in a filing to BSE.
Commenting on the development, SeQuent Scientific'S CEO, Manish Gupta said: "With the completion of the sale of the specialty chemicals business, SeQuent has completed its restructuring and is poised to for aggressive growth in its focus areas of animal health business and niche human API business."
The sale also provides the company cash for growth capital and also to pare down debt, he added.
"The transaction was originally announced in April 2014 and has now achieved completion on completion of closing conditions and statuory/regulatory approvals," SeQuent Scientific said.
Shares of SeQuent Scientific Ltd today closed at Rs 384 apiece on the BSE, up 0.17 per cent from previous close.