Sun Pharmaceutical Industries clarified on report published by newspaper titled 'Sun Pharma to buy Stan Chart's Mumbai Tower for Rs 2.8 billion'.
"We have entered into a preliminary understanding with Standard Chartered Bank for purchase of the property referred into the above media report, subject to successful outcome of our due diligence and compliance, satisfaction of other conditions.
You may further note that ours is a pharmaceutical company having our corporate office at Mumbai and purchase of any property for our official use does not directly affect the earnings/earning capacity of the company and further the amount which may be paid by the company for the purchase of the said property will amount to minor percentage of our net worth/our asset base.
In view thereof, the above information did not/ does not constitute price sensitive information of the company and therefore there was no need to report the same to the exchanges. We may hereby clarify that other than above statements regarding the property we are neither denying nor confirming any other information published in the said news paper," the company said.
Shares of the company gained Rs 4.65, or 0.83%, to trade at Rs 568.15. The total volume of shares traded was 73,218 at the BSE (12.59 p.m., Monday).