Unichem Laboratories today said its board has approved the sale of its new formulation facility in Madhya Pradesh along with all its assets to Mylan laboratories for Rs 160.50 crore.

The board of directors of the company has approved the sale of the its new formulation manufacturing unit in Dhar district in Madhya Pradesh along with all assets on a slump sale basis to Mylan Laboratories for a total consideration of Rs 160.50 crore, Unichem Laboratories said in a filing to BSE.

This is subject to execution of a definitive agreements between the company and Mylan, reflecting detail terms and condition for the proposed sale and subject to approval of shareholders through a postal ballot, it added.

The board also approved the calendar of events for postal ballot, Unichem Laboratories said.

For the third quarter ended December 31, 2012 the company’s net profit rose 24.03 per cent to Rs 30.34 crore. It had posted a net profit of Rs 24.46 crore for the same period of previous fiscal.

Shares of Unichem Laboratories today closed at Rs 175.70 per scrip on the BSE, up 1.01 per cent from its previous close.

(This article was published on February 15, 2013)
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