Pharmaids Pharmaceuticals Ltd to acquire Adita Bio Sys Pvt Ltd in share swap

The Board of Directors of Pharmaids Pharmaceuticals Limited at their meeting held today, i.e., Saturday, January 06th, 2024 at the Registered office of the Company have approved the acquisition of upto 36,75,959 (Thirty-Six Lakh Seventy-Five Thousand Nine Hundred Fifty Nine) equity shares of Adita Bio Sys Private Limited held by multiple existing shareholders of the company, representing upto 99.94% of the paid-up equity share capital of the target Company, by way of share swap. The Board has also approved the execution of definitive agreements to give effect to the above.

The board considered and approved issue of equity shares upto 85,68,949 (Eighty-Five Lakh Sixty Eight Thousand Nine Hundred Forty-Nine) No's of Equity Shares of the Company on Preferential Basis for Consideration other than Cash to the Individual shareholders of Adita Bio Sys Private Limited.

The board considered and approved issuance of equity shares upto 15,74,650 (Fifteen Lakh Seventy Four Thousand Six Hundred Fifty) No's of Equity Shares of the Company on Preferential Basis for Consideration other than Cash to Tumkur Trade Center Private Limited (a company registered under the Companies Act, 2013) one of the shareholders of Adita Bio Sys Private Limited.

The board considered and approved issuance of equity shares upto 27,22,258 (Twenty-Seven Lakh Twenty-Two Thousand Two Hundred Fifty-Eight) No's of Equity Shares of the Company on Preferential Basis for Consideration other than Cash to Asian Hotels (Partnership Firm), one of the shareholders of Adita Bio Sys Private Limited.

Subject to the approval of the shareholders of the Company at the ensuing General Meeting of the Company and such other regulatory / statutory approvals as may be required, the Board in aggregate of all the above issuance, has approved the issuance of upto 1,28,65,857 equity shares of the Company having a face value of INR 10/- each, for consideration other than cash in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("ICDR Regulations"), to the multiple existing Shareholders of Adita Bio Sys Private Limited, discharged by the Company for the purchase of upto 99.94% of equity shares of Adita Bio Sys Private Limited ("Adita"), in accordance with the provisions of the Companies Act, 2013 and ICDR Regulations, as amended from time to time and other applicable laws.

Adita is an unlisted private company, which is engaged in the GLP Developmental Services, Drug Discovery & Laboratory animals services & Animal Diet. The acquisition of the shares of Adita result in growth opportunities in line with strategic objectives of the Company.

Shares of PHARMAIDS PHARMACEUTICALS LTD. was last trading in BSE at Rs. 62.10 as compared to the previous close of Rs. 59.15. The total number of shares traded during the day was 19270 in over 120 trades.

The stock hit an intraday high of Rs. 62.10 and intraday low of 61.75. The net turnover during the day was Rs. 1196032.00.

Source : Equity Bulls

Keywords

PHARMAIDSPHARMACEUTICALS INE117D01018 Acquisition AditaBioSys ShareSwap