Piramal Enterprises Ltd has signed a definitive agreement to sell its clinical research division known as 'Piramal Clinical Research' to Indoco Remedies Ltd on a going concern basis for cash, the company said in a filing to BSE.
Piramal Enterprises has signed an agreement to sell its Hyderabad-based clinical research division to Indoco Remedies for undisclosed amount.
Piramal Enterprises Ltd has signed a definitive agreement to sell its clinical research division known as 'Piramal Clinical Research' to Indoco Remedies Ltd on a going concern basis for cash, the company said in a filing to BSE.
"Fixed assets of this division along with the employees will be transferred to Indoco on a slump sale basis as a part of the transaction," It added.
The sale transaction is expected to be completed upon receipt of purchase consideration by April 6, 2015, Piramal Enterprises said.
"Piramal Clinical Research (PCR) was not considered strategic in nature and formed a relatively small portion of the PEL's consolidated business. The transaction does not have a material impact on PEL's balance sheet or P&L," it added.
PCR specialises in conducting bioanalytical and bioequivalence studies for generic products and holds approvals from various regulatory agencies including USFDA, UK MHRA among others, Piramal Enterprises said.
Shares of Piramal Enterprises today closed at Rs 877.55 on BSE, up 0.98 percent from previous close.
Piramal Enter stock price
On April 01, 2015, Piramal Enterprises closed at Rs 877.55, up Rs 8.55, or 0.98 percent. The 52-week high of the share was Rs 948.80 and the 52-week low was Rs 522.00.
The company's trailing 12-month (TTM) EPS was at Rs 5.72 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 153.42. The latest book value of the company is Rs 528.91 per share. At current value, the price-to-book value of the company is 1.66.
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