There were pending buy orders of 189,223 shares, with no sellers available.
Suven Life Sciences share price was locked at 5 percent upper circuit after the company's promoters were reportedly looking to sell their CRAMS business.
The promoters of Suven Life Sciences are exploring a potential sale of their demerged arm catering to the pure-play Contract Research And Manufacturing Services (CRAMS) segment, sources with the knowledge of the matter told Moneycontrol.
“Suven Pharmaceuticals is the demerged wholly-owned subsidiary of the company that has been put on the block and has applied to the bourses for permission to list. The promoters want to focus primarily on the discovery research undertaking involving molecules which is the business residing in the entity trading currently post the carve-out. Plus, globally, valuations in the CRAMS segment are favourable right now so the exit timing is appropriate,” said a source.
Also Read - Exclusive: Suven Life Sciences evaluating sale of demerged CRAMS arm, engages Barclays as sale adviser
The financial terms of the transaction were not disclosed.
There were pending buy orders of 189,223 shares, with no sellers available.
At 11:58 hrs, Suven Life Sciences was quoting at Rs 40.20, up Rs 1.90 on the BSE.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
