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Stock Report
Panacea Biotec Pharma Ltd to sell domestic business assets for Rs. 1908 crore
Posted On : 2022-02-01 14:33:06( TIMEZONE : IST )
The Board of directors of Panacea Biotec Ltd in its meeting held on February 01, 2022 had taken on record the resolution passed by the Company's wholly-owned subsidiary, Panacea Biotec Pharma Limited (being a material subsidiary of the Company) ("Seller" / "PBPL") for sale, transfer or disposal of its domestic business assets constituting its pharmaceutical formulations brands in India and Nepal including related trademarks, copyrights and such other intellectual property as may be agreed, inventories, etc. to Mankind Phanna Limited ("Buyer") and/or subsidiaries of Buyer at transaction value of Rs.l,908 Crore plus GST, subject to such adjustments as may be agreed by the Seller with the: Buyer ("Transaction") and the Binding Term Sheet executed by the Company, the Seller and the Buyer in this regard and approved the said Transaction.
The consummation of the Transaction, as contemplated under the Binding Term sheet, is subject to the receipt of requisite approvals including the approval of the Debenture Trustees with respect to the Non-Convertible Debentures issued by the Seller, satisfactory completion of due diligence by the Buyer and finalisation of definitive agreements relating to the Transaction to the mutual satisfaction of the parties.
In the last financial year, the Domestic Business Assets generated turnover of Rs.219.85 Crore, which is more than 63.75% of the revenue of PBPL.
The book value of Domestic Business Assets was negligible and the percentage of net worth was not measurable as the net worth of PBPL was negative.
35.19% of the revenue of the Company (on a consolidated basis) and the book value of Domestic Business Assets was negligible and the percentage of net worth was not measurable as the net worth of the Company (on a consolidated basis) was negative.
The Transaction is expected to be completed in the current financial year.
Shares of Panacea Biotec Limited was last trading in BSE at Rs. 239.30 as compared to the previous close of Rs. 227.95. The total number of shares traded during the day was 46871 in over 1088 trades.
The stock hit an intraday high of Rs. 239.30 and intraday low of 233.00. The net turnover during the day was Rs. 11174514.00.
