Asahi Songwon Colors Ltd acquires further stake in Atlas Life Sciences Pvt Ltd

Asahi Songwon Colors Limited ("the Company') has acquired remaining 6,60,000 shares i.e. 22% stake in Atlas Life Sciences Private Limited ("ALSPL') on March 26, 2024.

Pursuant to said acquisition of remaining 22% stake in ALSPL, the Company's shareholding in ALSPL has increased from 78% (pre-acquisition) to 100% (post acquisition) and ALSPL became Wholly Owned Subsidiary (WOS)of the Company.

ALSPL is one of the leading manufacturers of Active Pharmaceutical Ingredients (API) and Bulk Drugs, with dominantposition in Pregabalin (PG) and 4 other API's and one intermediate (R-CMHfor PG).

Asahi Songwon Colors Limited ("Company") 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.

Shares of Asahi Songwon Colors Limited was last trading in BSE at Rs. 315.30 as compared to the previous close of Rs. 312.80. The total number of shares traded during the day was 1472 in over 102 trades.

The stock hit an intraday high of Rs. 317.25 and intraday low of 309.50. The net turnover during the day was Rs. 461701.00.

Source : Equity Bulls

Keywords

AsahiSongwonColors INE228I01012 StakeAcquisition AtlasLifeSciences