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Times Green Energy India Ltd to acquire Rajjguru Institute of Medical Sciences Pvt Ltd
Posted On : 2024-08-18 11:53:29( TIMEZONE : IST )
The Board of directors of Times Green Energy (India) Limited at its meeting held on 17th August, 2024 has approved to acquisition of Rajjguru Institute of Medical Sciences Private Limited as a Subsidiary Company.
The Acquisition would fall within related party transaction. Mr. Srinivas Prasad and Mrs. Dinne Lakshmi Jumaal, the promoters of our company, have agreed to transfer a combined total of 37,100 shares (21,100 and 15,000 shares, respectively) to Times Green Energy (India) Limited, representing a 53% stake in Rajjguru Institute of Medical Sciences Private Limited. Upon completion of this transfer, Rajjguru Institute of Medical Sciences Private Limited will become a subsidiary of Times Green Energy (India) Limited.
The acquisition of Rajjguru Institute of Medical Sciences Private Limited by Times Green Energy (India) Limited is intended to diversify the listed entity's business operations into the pharmaceutical and healthcare industry. The target entity's business is outside the main line of business of Times Green Energy, which has primarily focused on manufacturing natural organic fertilizers and women's hygiene products. The acquisition aims to leverage the growth potential in the healthcare sector, expanding the company's portfolio and creating new opportunities for growth and revenue streams. The acquisition is expected to have a positive impact on the company's overall performance and shareholder value, while also enhancing its capabilities in the healthcare industry.
Rajjguru Institute of Medical Sciences Private Limited was established on April 7, 2023, during the financial year 2023-24. The company operates in the healthcare sector, offering a range of services including online pharmacy, mobile medical units, hospital services, and other medical facilities. As a newly incorporated entity, the company is currently in the process of setting up its operations and has not yet generated any revenue, resulting in a zero turnover.
