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Biopharmaceutical company Biocon today gained as much as 2.1 per cent to over one-week high as the company has sold 10 per cent stake in unit Syngene International for Rs 380 crore ($61.2 mln) to Silver Leaf Oak.
The transaction values the unit at Rs 3,800 crore.
Biocon has net cash and cash equivalent (net of debt) of Rs 411 crore as of September 2014.
Valuation of Syngene and net cash alone accounts for about 50 per cent of Biocon’s current market ($1 = 62.1050 rupee)
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