Novartis India, one of the leading pharma companies, witnessed a rise in share price on Monday after the company announced on Aug 28, 2015 that Foreign Investment Promotion Board (FIPB) has approved to sell its OTC division to GlaxoSmithKline Consumer (GSK CPL).
The company said, " GSK CPL has informed Novartis that the Foreign Investment Promotion Board, Government of India (FIPB), pursuant to its letter dated Aug 20, 2015, approved the proposal made by GSK CPL to acquire the company's OTC division."
"Pursuant to the terms of the approval dated Jan 13, 2015 given by the Board of Directors of the company and in light of the approval dated Aug 20, 2015 given by FIPB to GSK CPL, the company and GSK CPL will proceed with completeing the documentation required to complete this transaction." it added.
Shares of Novartis India are trading at Rs 811.00, up Rs 11.5, or 1.44% at the Bombay Stock Exchange (BSE) on Monday at 12:46 p.m.
The scrip has touched an intra-day high of Rs 825.00 and low of Rs 805.00. The total volume of shares traded at the BSE is 8,959.