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Shares of Sanofi India rose 3.23% to Rs 8,229.95 per share (at 11:47 am) after the company’s board approved to sale and transfer of the its nutraceuticals business. On an intraday basis, the company hit a high of Rs 8,248 apiece.
“The Board of Directors of Sanofi India Limited (the Company) at its meeting held on 27th July 2021 approved a transaction for the slump sale and transfer of the Company’s Nutraceuticals business, on a going concern basis to Universal Nutriscience Private Limited (Universal Nutriscience) for a consideration of Rs 587 crore including debt-like obligations,” company said in the release.
The completion of the transaction is anticipated within the next 3 months, subject to fulfilment of conditions as set out in the business transfer agreement, it added.
The Nutraceuticals business of the company comprises 16 brands and 30 SKUs.
These along with related business assets and liabilities including contracts, intellectual property rights, inventory, and all employees associated with this business will transition to Universal Nutriscience Private Limited.