Sun Pharma to acquire stake in Agatsa Software Pvt Ltd and Remidio Innovative Solutions Pvt Ltd

Sun Pharmaceutical Industries Limited (which includes its subsidiaries and/or associate companies) ["Company"], has entered into agreements to acquire minority stake in the following entities which are non-material investments by the Company in the allied areas.

1. Agreement to acquire equity shares (up to 26.09%) of Agatsa Software Private Limited, which is is an early-stage digital diagnostic devices company.

Agatsa Software Private Limited, a company duly registered under the Companies Act, 2013, having the corporate identification number ('CIN') U72900UP2010PTC101436 and having its registered office at Block B-1, Sector-59, Noida Gautam Buddha Nagar, Uttar Pradesh 201301. The Company is engaged in research, development and commercialization of medical devices in the diagnostic health segment by leveraging technology and R&D capabilities.

The acquisition will be in two tranches wherein Tranche 1 (INR. 8.0 Crore) would be completed in February 2023 and Tranche 2 (Up to INR. 22.0 Crore, subject to certain conditions) is expected to be completed by August 2023, subject to certain conditions.



2. Agreement to acquire equity shares (27.39%) of Remidio Innovative Solutions Private Limited, which provides innovative products enabling early detection of eye diseases.

Remidio Innovative Solutions Private Limited, a company duly registered under the Companies Act, 2013 and having the corporate identification number ('CIN') U73100KA2009PTC051546 and having its registered office at No.1-51-2/12, II Floor, Vacuum Techniques Compound, Opp. Volvo Factory, Peenya Industrial Area, 1st Phase, Bangalore - 560058. The Company provides innovative products enabling early detection of eye diseases. The revenue from operations for the year 2021-22 on consolidated basis was INR 26,60,70,077.

The acquisition will be completed by the end of February 2023 for cash consideration of ~INR 149.9 Crore.

Shares of Sun Pharmaceutical Industries Limited was last trading in BSE at Rs. 983.55 as compared to the previous close of Rs. 996.15. The total number of shares traded during the day was 329411 in over 6134 trades.

The stock hit an intraday high of Rs. 996.30 and intraday low of 982.15. The net turnover during the day was Rs. 325847596.00.

Source : Equity Bulls

Keywords

SunPharmaceuticalIndustries INE044A01036 StakeAcquisition AgatsaSoftware RemidioInnovativeSolutions