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Dishman Pharma surges on plan to sell its 175 hectares land in Gujarat to Nirma

10 Mar 2014 Evaluate

Dishman Pharmaceuticals & Chemicals is currently trading at Rs. 96.55, up by 1.45 points or 1.52% from its previous closing of Rs. 95.10 on the BSE.

The scrip opened at Rs. 97.90 and has touched a high and low of Rs. 97.95 and Rs. 96.20 respectively. So far 399434 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 110.40 on 22-Jan-2014 and a 52 week low of Rs. 37.05 on 02-Aug-2013.

Last one week high and low of the scrip stood at Rs. 97.95 and Rs. 85.20 respectively. The current market cap of the company is Rs. 785.59 crore.

The promoters holding in the company stood at 61.68% while Institutions and Non-Institutions held 12.55% and 25.78% respectively.

In a bid to reduce its over Rs 800 crore debt, Dishman Pharmaceuticals and Chemicals is planning to sell its 175 hectares land in Gujarat to Nirma for about Rs 650 crore. Talks with Nirma are in final stages. Moreover, the company plans to pay off a bank debt of Rs 100 crore from proceeds of sale of its Shanghai facility.

Further, the company is looking at exiting the SEZ business altogether by selling of the land in Gangad and Kalyangadh village near Bavla in Gujarat.

Dishman Pharmaceuticals is engaged in the manufacturing of active pharmaceutical ingredients (APIs) intermediates. The Company operates in two segments: contract research and contract manufacturing (CRAMS), and bulk drugs, intermediates, quats and specialty chemicals.

 

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