IBL Healthcare Ltd to acquire Peekay Mediequip Ltd through NCLT

Indrayani Biotech Limited's Wholly owned Subsidiary, IBL Healthcare Limited (IBLHL), intends to acquire controlling stakes, over a maximum period of 4.5 years, in M/S Peekay Mediequip Limited ("PML"), a company which was under CIRP. In this regard, the process for acquiring 2,21,54,972 equity shares, constituting 36.92% of equity shares of PML at a face value of Rs 2.50 per share, as first tranche has been initiated and shall be subject to the approval of remittance by Hon'ble NCLT, Chennai bench.

PML had undergone Corporate Insolvency Resolution Process (CIRP) recently. Following the philosophy, of Indrayani Biotech Limited, of reviving MSME companies having huge potential and unlocking value through inclusive growth, IBLHL facilitated revival of PML by the Promoters through infusion of equity. As a result, the promoters have taken over management control of the company being the first step towards becoming subsidiary of IBLHL. This has been enabled by an order of Hon'ble NCLT, Chennai, dated 02/05/2023, approving the resolution plan submitted by the promoter. The investment done by IBLHL, as per the resolution plan, shall be reported to Hon'ble NCLT and the allocation of first tranche of shares shall be subject to Hon'ble NCLT's approval of remittance.

PML is a public limited company, incorporated in the year 1995, with a primary objective, to manufacture High quality hypodermic needles, syringes and intravenous sets (IV Sets).

PML shall be eligible to become a subsidiary of IBL Healthcare Limited on remittance of the dues (Rs 44.47 Crores) by the promoters as per Hon'ble NCLT order. This shall happen on a staggered basis within a maximum period of 4.5 years, as provided in the resolution plan.

Shares of INDRAYANI BIOTECH LTD. was last trading in BSE at Rs. 70.11 as compared to the previous close of Rs. 69.21. The total number of shares traded during the day was 151105 in over 535 trades.

The stock hit an intraday high of Rs. 73.00 and intraday low of 69.25. The net turnover during the day was Rs. 10630046.00.

Source : Equity Bulls

Keywords

INDRAYANIBIOTECH INE007C01021 IBLHealthcare Acquisition NCLT CIRP PeekayMediequip