India's SeQuent Scientific jumps on terminating Tineta Pharma acquisition

Viyash Scientific

09/03/2023 04:32

** Shares of SeQuent Scientific  SEQU.NS  rise as much as
14.2% to 71.2 rupees, sharpest gain since May 23, 2022
    ** Animal healthcare co on Wednesday said it will not
acquire Tineta Pharma and the share purchase agreement with
Tineta stands terminated
    ** Co had in Nov 2022 signed agreement to acquire 100% stake
in Tineta for an enterprise value of 2.18 bln rupees
    ** Co had said 1.53 bln rupees was supposed to be paid as
cash consideration along with a preferential allotment of equity
shares worth 650 mln rupees
    ** More than 4.4 mln shares change hands in early trade,
6.6x the 30-day avg
    ** Stock down 21% so far this year, extending a 45.6% fall
in 2022

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))