The leading pharmaceuticals major in the country Elder Pharmaceuticals, has recently seen its scrip rising by over 3.9% trading at Rs. 430.35 in the morning trading session.

It is to be mentioned here that the stock price started to move northwards as soon as the news of its plans to acquire a UK-based firm for about 9.80 million pounds hit the markets.

In fact, as the sensex was also up by 166 points standing at 19,583 points, the stock has recently clocked the 52 week high this year. It may be noted here that the stock price has even hit a low of Rs. 419.5 so far during the day so far.

For the record, the company currently has a share capital of close to 18.86 crore. The company has said in a statement to BSE that the acquisition will be made by its own subsidiary in Dubai.

Moreover, the company also said that the deal will be done by the way of arrangement and it has offered close to 6.5 pence per share for the shares that have already been issues and for the ones that will be issues in the near future.