EID Parry Overseas acquisition

EID Parry India (CMP=Rs:145/-), on acquisition of a 48% stake in a US nutraceuticals company.
The company made this announcement after trading hours on Friday, 21 November 2008.
The stock hit a high of Rs 145.85 and a low of Rs 142 so far during the day. The stock has a 52-week high of Rs 267 on 7 August 2008 and a 52-week low of Rs 125 on 27 October 2008.
The company's current equity is Rs 17.85 crore. Face value per share is Rs 2.
The current price of Rs 145.85 discounts the company's Q2 September 2008 annualized EPS of Rs 274.24, by a PE multiple of 0.53.
The company has acquired 48% stake in US based Valensa International, a nutraceuticals company for a consideration of $9 million.
Headquartered in Florida, US, Valensa International is a leading science based developer, formulator and provider of high quality naturally sourced products for the nutritional supplements and functional foods industry.
EID Parry is also in the process of setting up a life science division for developing novel formulations to address the various lifestyle diseases
On 29 October 2008, the company's board approved a proposal of buyback of equity shares of the company for a maximum price of Rs 160 per share.
EID Parry India reported a net profit of Rs 611.89 crore in Q2 September 2008 as compared to net loss of Rs 5.74 crore in Q2 September 2007. Total Income surged 462.40% to Rs 1066.34 crore in Q2 September 2008 over Q2 September 2007.
The company is engaged in manufacturing and marketing a wide-range of products such as sugar, bio-products and others. It also involves in the production of farm inputs and cogeneration of power.