Zydus Healthcare shares soared more than 3 per cent in a weak market on the news that Zydus Animal Health and Investments Limited (ZAHL), a wholly owned subsidiary of Cadila Healthcare, is planning to sell one of its animal health business companies. The business will be hived off to a consortium led by Multiples Alternate Asset Management and including Canada Pension Plan 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 said, "Over the last 3 decades Zydus Animal Health has grown to become a pioneer and market leader in the Indian animal health industry. With Multiples and its consortium partners committed to growing the business, we are sure that Zydus Animal Health will continue to grow and strengthen its position in the industry."
The slump sale transaction is expected 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.