Ami Organics rises nearly 4% after pharma firm pens deal for manufacturing electrolytes; also strikes block deal

Ami Organics Share Price: Ami Organics Limited shares jumped by nearly 4 per cent in the morning trading session on BSE on Friday (December 22, 2023) after the pharma company signed a non-binding MOU with a global manufacturer of electrolytes. The company also had a block deal on Thursday, selling nearly four per cent of its stake to Morgan Stanley Singapore Pte and Bofa Securities Europe SA. 

The stock of Ami Organics was trading higher by 3.88 per cent, or Rs 44.40, at Rs 1189.00 on Friday.

Ami Organics announced on Thursday that it had signed a non-binding MOU with a global manufacturer for manufacturing electrolytes for battery cells and allied materials in Gujarat, India.

"In furtherance to this, the company will also sign an MOU with Government of Gujarat for investment amounting up to Rs 300 crores for set up of dedicated manufacturing facility for electrolytes business in the state of Gujarat, in the upcoming Vibrant Gujarat Summit 2024," said Ami Organics.

Ami Organics' Block Deal

The pharma company also had a block deal on Thursday, where it sold nearly four per cent of its stake.

While Morgan Stanley Asia Singapore Pte bought 8.07 lakh (2.18 per cent) shares at Rs 1030 per share, Bofa Securities Europe SA bought 5.25 lakh (1.42 per cent) shares at Rs 1030 per share.