India's Suven Pharma rises as Advent to buy stake

Cohance Lifesciences

26/12/2022 05:17

** Suven Pharmaceuticals shares  SUVH.NS  rise as much as
4.8% to 520 rupees, highest since May 24
    ** Co says PE firm Advent International to buy a 50.1% stake
from its promoter Jasti Property and Equity Holdings and explore
merger with portfolio company Cohance Lifesciences
    ** Co also announces Advent open offer to buy an additional
26% stake for total consideration of 32.76 bln rupees ($395.6
mln)
    ** Promoter stake to drop to 9.9% from 60%
    ** About 1.4 mln shares traded by 10:26 a.m. vs 30-day avg
of ~307,500 shares
    ** All five brokerages rate the stock a “buy” or higher;
median PT is 602.5 rupees - Refinitiv data
    ** Stock up 2.2% YTD up to last close compared to a 10.1%
decline in the Nifty Pharma Index  .NIPHARM 
($1 = 82.8200 Indian rupees)
 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com; +91 8075473630;))