FDC Limited to acquire further stake in South Africa firm

FDC Limited ("Company") has entered into definitive agreements for the acquisition of additional stake in Fair Deal Corporation pharmaceutical SA (PTY) Ltd., South Africa ("FDC SA") through secondary acquisition of 143,000 equity shares of FDC SA, having Face value of RAND 1 each, and representing 44% of the share capital of FOCSA from Pharma Q Holdings Pty Ltd ("Pharma Q"), one of the joint venture partner and settlement of outstanding loan of ZAR 6.5 million equivalent to INR 2,92,31,280 (approximately) availed by FOCSA from Pharma Q.

The said transaction is subject to completion of various closing conditions. Upon completion of the transaction, the Company would be holding 93% of the equity share capital of FOCSA, whereby FOC SA would become a subsidiary of the Company.

Shares of FDC LTD. was last trading in BSE at Rs.336.65 as compared to the previous close of Rs. 336.05. The total number of shares traded during the day was 73923 in over 2376 trades.

The stock hit an intraday high of Rs. 344 and intraday low of 333.2. The net turnover during the day was Rs. 24984466.

Source : Equity Bulls

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