Brooks Laboratories Ltd approves revised JV agreement with Steriscience Specialties Pvt Ltd

The Board of Directors of Brooks Laboratories Limited ('the Company') at its meeting held on October 7, 2021, has, approved the execution of revised Joint Venture Agreement between Steriscience Specialties Pvt. Ltd, Brooks Laboratories Limited and Brooks Steriscience Ltd. The effects of new arrangement is as follows:

Pursuant to term sheet executed by Brooks Laboratories Limited and Steriscience Specialties Private Limited on 13th July, 2021 the Joint Venture partner Steriscience Specialties Pvt. Ltd. shall further invest Rs. 74.49 crores (Rupees Seventy Four Crores and Forty Nine Lakhs only) in addition to Rs. 40 Crores (Rupees Forty Crores only) which aggregate to Rs. 114.49 crores (Rupees One hundred Fourteen crores and Forty Nine Lakhs only).

The new arrangement will change the ratio of Joint Venture. Post entire investment, Steriscience Specialties Private Limited will become holder of 51% equity shares and Brooks Laboratories Limited will become holder of 49% equity shares in Brooks Steriscience Limited, which has been approved by the shareholders in the Annual General Meeting of the Company held on 29th September, 2021.

The new investments will be deployed to set up a dedicated Lyophitised formulation facility and integrate the APIs for the carbapenems under development.

Shares of Brooks Laboratories Limited was last trading in BSE at Rs. 135.10 as compared to the previous close of Rs. 135.05. The total number of shares traded during the day was 6510 in over 263 trades.

The stock hit an intraday high of Rs. 139.80 and intraday low of 133.30. The net turnover during the day was Rs. 884017.00.

Source : Equity Bulls

Keywords

BrooksLaboratories INE650L01011 BROOKS Pharmaceuticals JVAgreement Revised