Claris Lifesciences, on Thursday, said that it would invest Rs. 900 crore, which it received as payment for divesting 80 per cent stake in its infusion business, for various initiatives.
The company had divested 80 per cent stake in its infusion business to form a joint venture with two Japanese companies. Claris is to receive Rs. 1,050 crore for the transaction.
“The company expects to receive net of taxes and expenses proceeds of Rs. 900 crore and plans to utilise Rs. 300 crore for organic and inorganic growth of the speciality injectibles business, Rs. 300 crore towards a special interim dividend or buy back of shares and Rs. 300 crore towards pre-paying some of the company’s debt,” the statement said.