Panacea Biotec has entered into a definitive agreement to divest its 100% stake held in NewRise Healthcare (NHPL) which has set up a multi-speciality hospital at Gurugram which is near completion, to Narayana Hrudayalaya (NH).

Under the definitive agreement, the company has agreed to sell its 100% equity shares in NHPL to NH and the company's associate company PanEra Biotec has agreed to sell 100% preference shares in NHPL to NH.

Shares of the company gained Rs 6.9, or 4.34%, to trade at Rs 166.00. The total volume of shares traded was 123,247 at the BSE (2.53 p.m., Friday).