Aurobindo Pharma Ltd to increase stake in JV company Eugia Pharma Specialities Limited to 100%

Aurobindo Pharma Ltd has entered into a share purchase agreement today to acquire 100% equity share capital of MViyeS Pharma Ventures Private Limited (MViyeS).

MViyeS is holding 32.18% shareholding in Eugia Pharma Specialities Limited, a joint venture company in which the Company is holding 67.82%.

The cost of acquisition is Rs.274.22 crores for acquisition of total of 15,02,49,382 equity shares of Rs. 10/- each at a price of RS. 18.25 per share.

Further, through Curepro Parentarals Limited (Curepro), a wholly owned subsidiary of the Company, the Company is holding 67.82% of equity share capital of Eugia Pharma Specialities Limited (Eugia) and MViyeS is holding the balance 32.18% of equity share capital of Eugia. On acquisition of entire share capital of MViyeS, both Eugia and MViyeS will become wholly owned subsidiaries of the Company.

Eugia Pharma Speciailities Limited is a company engaged in developing, manufacturing and marketing hormonal and oncology generic formulations.

Shares of AUROBINDO PHARMA LTD. was last trading in BSE at Rs.807.75 as compared to the previous close of Rs. 791.6. The total number of shares traded during the day was 68867 in over 1791 trades.

The stock hit an intraday high of Rs. 815 and intraday low of 785.5. The net turnover during the day was Rs. 55270716.

Source : Equity Bulls

Keywords