Suven Pharma shares rise 13% on proposed merger with Cohance Lifesciences
Suven Pharma shares hit a fresh high of Rs 712. Market cap of the firm rose to Rs 17,671 crore.
- Mar 1, 2024,
- Updated Mar 1, 2024 11:28 AM IST
Suven Pharma shares surged 13% in early trade today after the company announced a proposed scheme of amalgamation for the merger of Cohance Lifesciences with Suven. The stock hit a fresh high of Rs 712. Market cap of the firm rose to Rs 17,671 crore. The stock was top gainer on BSE today.
A total of 15.30 lakh shares of the firm changed hands amounting to a turnover of Rs 105.94 crore on BSE.
The overall transaction is expected to conclude over next the 12-15 months subject to receipt of all relevant shareholder and regulatory approvals, Suven Pharmaceuticals said in a press release.
The merger will establish Suven as a diversified CDMO (Contract Development and Manufacturing Organization) and API (Active Pharmaceutical Ingredient) leader in India, transcending its current revenue base, the company also informed exchanges.
The merged entity is expected to be among the leading integrated CDMO players in India. With an expanded capacity of 2,650 kL and a significantly broadened customer base, scale and synergy benefits would be substantial.
Suven Pharma shares surged 13% in early trade today after the company announced a proposed scheme of amalgamation for the merger of Cohance Lifesciences with Suven. The stock hit a fresh high of Rs 712. Market cap of the firm rose to Rs 17,671 crore. The stock was top gainer on BSE today.
A total of 15.30 lakh shares of the firm changed hands amounting to a turnover of Rs 105.94 crore on BSE.
The overall transaction is expected to conclude over next the 12-15 months subject to receipt of all relevant shareholder and regulatory approvals, Suven Pharmaceuticals said in a press release.
The merger will establish Suven as a diversified CDMO (Contract Development and Manufacturing Organization) and API (Active Pharmaceutical Ingredient) leader in India, transcending its current revenue base, the company also informed exchanges.
The merged entity is expected to be among the leading integrated CDMO players in India. With an expanded capacity of 2,650 kL and a significantly broadened customer base, scale and synergy benefits would be substantial.