Preliminary understanding agreed between Sun Pharma and Standard Chartered
As per the reference to the news appearing in the sources titled as Sun Pharma to buy Stan Chart’s Mumbai Tower for Rs. 280 crore. A clarification has come up by the Sun Pharmaceutical Industries that they have get into a initial understanding with Standard Chartered Bank for buying of the property referred into the above media report, which causes to undergo victorious result of our Due Diligence and compliance/satisfaction of other conditions.
He added that their company is a pharmaceutical company having its corporate office at Mumbai and if they purchase any property for their official use that would not unswervingly influence the earnings/earning capability of the Company. He mentioned further that the amount which will be paid for buying such an asset will amount to minor percentage of our net worth/our asset base.
As the above information did not have any company’s price sensitive information, thus no need was there to report the same to the exchanges.
Thus the company clarifies that except above statements concerning the property we are neither denying nor confirming any information in print in the said news paper.
Source: IIFL
Mumbai, Stan Chart’s Mumbai Tower, Standard Chartered Bank, Sun Pharma, Sun Pharmaceutical Industries
