Shares of Suven Pharmaceuticals Ltd. jumped over 13% on Friday to the highest in over a month after it proposed a merger with Cohance Lifesciences Ltd.
Upon the scheme becoming effective, all shareholders of Cohance will be issued 11 shares of Suven for every 295 shares held in the former, according to an exchange filing.
On the NSE, shares of Suven Pharma rose as much as 13.10% during the day to Rs 711.85 apiece, the highest since Jan. 23. It was trading 7.48% higher at Rs 676.50 per share, compared to a 1.07% advance in the benchmark Nifty 50 at 11:13 a.m.
The stock has risen 42.52% in the last 12 months. Total traded volume so far in the day stood at 93 times its 30-day average. The relative strength index was at 54.65.
The two analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 3.4%.
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