Shares of Parenteral Drugs India Ltd hit a 52-week high as the company announced that its wholly owned subsidiary, Goa Formulations Ltd, has signed a binding agreement to sell its pharma unit for a consideration of Rs 200 crore.

In a statement to the stock exchanges, Parenteral Drugs said that its subsidiary has signed a binding deal with Fresenius Kabi India Pvt Ltd to hive off its pharmaceutical manufacturing unit in Goa for Rs 200 crore and the parent company has given its approval.

The scrip touched a new 52-week high of Rs 130.55, before retracing to Rs 129.80, a gain of Rs 11.10 or 9.35 per cent. The trading volume was about 17,500 shares on the BSE.

(This article was published on March 15, 2013)
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