Cipla arm to sell stake in Four M Propack to Shriji Polymers

New Delhi : Drug major Cipla said its subsidiary Golden cross Pharma has entered into a pact to sell its entire stake in Four M Propack to Shriji Polymers for a consideration of up to Rs 19.2 crore.

Golden cross Pharma Pvt Ltd, a wholly-owned subsidiary of the company, has entered into a definitive agreement to sell its 100 per cent equity stake in Four M Propack Ltd, India to Shriji Polymers India Ltd for a consideration of Rs 13.5 crore and an additional sum estimated at around Rs 5.7 crore, Cipla said in a filing to BSE.

The additional sum is derived on the basis of the value of mutual funds, cash and bank balance, tax refunds etc at the time of closing, it added.

"The transaction is expected to be completed within 45 days from the date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals," Cipla said.