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SMS Lifesciences India Ltd to divest partial stake in Mahi Drugs Pvt Ltd | EquityBulls

The Board of Directors of SMS Lifesciences India Ltd at their Meeting held on November 30, 2021, have considered and approved the disinvestment of partial equity shareholding of Mahi Drugs Private limited, a wholly owned subsidiary of the Company, not exceeding 10% in Mahi Drugs Private Limited, by way of sale of equity shares held by the Company, to ChemWerth Inc., USA, Strategic Investor (“Proposed Transaction – 1”).

The board approved raising fresh equity in Mahi Drugs Private Limited, on Private Placement basis, to ChemWerth Inc., USA and its Associates (“Proposed Transaction – 2”).

Upon completion of the transactions, Mahi Drugs will cease to be a wholly-owned subsidiary of the Company, but shall continue as a Subsidiary Company with 60% stake of the post issued capital, with the Company.

The proposed transaction is likely to enhance the value for the various stakeholders.

Shares of SMS Lifesciences India Limited was last trading in BSE at Rs. 870.55 as compared to the previous close of Rs. 845.20. The total number of shares traded during the day was 540 in over 61 trades.

The stock hit an intraday high of Rs. 879.00 and intraday low of 857.80. The net turnover during the day was Rs. 467967.00.

 

Source : Equity Bulls