India's leading research based biotechnology company, Panacea Biotec in Friday’s trading session rose nearly 4% as the company announced that it is going to sell its full stake in NewRise Healthcare to Narayana Hrudayalaya. The enterprise value has been fixed at Rs 180 crore.
Soon after the announcement, the stock of the company hit an intraday high of Rs 175 per share on the NSE.
The company said that, it has entered into a definitive agreement to divest its 100% stake held in NewRise Healthcare (NHPL), which has set up a multi-speciality hospital at Gurugram that is near completion, to Narayana Hrudayalaya.
Panacea Biotec's associate company PanEra Biotec has agreed to sell 100% preference shares in NewRise Healthcare to Narayana Hrudayalaya.
The stock on the NSE has delivered over 78% returns in a period of one year, outperforming the BSE Small cap and BSE Healthcare indices over the same time period.