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Piramal gains on news of unit sale

July 14, 2010

Shares in drugmaker Piramal Healthcare Ltd gained after the company said it will sell its diagnostic services unit to Super Religare Laboratories Ltd (SRL) for 6 billion rupees to focus on fewer and larger businesses left in its basket.

Piramal Healthcare had risen more than 2 percent in early trade on Wednesday but pared gains to close nearly 1 percent lower.

Piramal will receive 3 billion rupees upfront while the balance 3 billion would come over next three years, Piramal Chairman Ajay Piramal, said.

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