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Stock Report
Asahi Songwon Colors to acquire Atlas Life Sciences Pvt Ltd
Posted On : 2022-04-18 13:59:54( TIMEZONE : IST )
Asahi Songwon Colors Limited ("the Company") has executed today i.e. April 18, 2022, a Share Purchase Agreement ("SPA") with Atlas Life Sciences Private Limited ("ALSPL") and certain identified promoters of ALSPL for acquisition of 100% stake in ALSPL in three tranches from certain identified promoters and other shareholders of ALSPL. Also, we wish to inform you that acquisition of shares under first tranche i.e. 78% stake in ALSPL is completed today i.e. April 18, 2022.
Atlas Life Sciences Private Limited is one of the leading manufacturers of Active Pharmaceutical Ingredients (API) and Bulk Drugs, with dominant position in Pregabalin (PG) and 4 other API's and one intermediate (R-CMH for PG).
The Company has signed SPA in order to add a new growth lever and to create significant value by leveraging combined capabilities and unlock synergies entered into API and Bulk Drug business. The API business of ALSPL has diversified portfolio of 6+ products with several of them in R&D product pipeline.
The acquisition of shares under first tranche i.e. 78% stake in ALSPL is completed today i.e. April 18, 2022 Balance 22% stake in ALSPL will be acquired in two tranches (i.e. 11 % stake in each tranche) and is expected to be completed on or before March 31, 2025.
The acquisition of shares under first tranche i.e. 24,30,000 shares of ALSPL representing 78% stake in ALSPL is completed today i.e. April 18, 2022 for a consideration of INR 48 Crores Remaining 6,60,000 shares representing 22% stake in ALSPL will be acquired in two tranches (i.e. 3,30,000 shares of ALSPL representing 11% stake in each tranche) for a consideration determined based on EBITDA prevailing for the period October 1, 2022 to September 30, 2023 and October 01, 2023 to September 30, 2024 respectively, in terms of the SPA.
Shares of Asahi Songwon Colors Limited was last trading in BSE at Rs. 315.95 as compared to the previous close of Rs. 312.30. The total number of shares traded during the day was 987 in over 152 trades.
The stock hit an intraday high of Rs. 318.00 and intraday low of 312.00. The net turnover during the day was Rs. 311472.00.
