Date:29/09/2004 URL: http://www.thehindubusinessline.com/2004/09/29/stories/2004092901110200.htm

Back Elder Pharma gets nod to sell stake to Italian co

Our Bureau

Mumbai , Sept. 28

THE Rs 275-crore Elder Pharma Ltd said on Tuesday that its shareholders have approved the proposed 10 per cent stake sale to ACRAF of Italy.

The Italian pharma company will be issued 15.99 lakh fresh equity shares of Elder Pharma, representing 10 per cent stake in the expanded equity capital of the company at the rate of Rs 160 per share (including premium).

With sales of euro 1.7 billion, ACRAF is among the largest wholesalers of medicines in Italy and specialises in analgesics, pain management and cebro-neuropsychiatry drugs, an Elder communiqué said.

The shareholders also approved payment of 25 per cent equity dividend for the year ended March 2004.