Eris Lifesciences Limited has executed a share purchase agreement (Agreement) with Mr. Rajesh Dhuria (one of the founders & promoters of KINEDEX) with the intent to have full ownership and control of the said subsidiary (KINEDEX) and to make KINEDEX a wholly-owned subsidiary i.e. by way of purchase of 32,507 equity shares of face value of Rs. 10/- each (equivalent to ~17.81%).
Prior to this transaction, the Company (including its nominees) held ~82.19% shareholding in KINEDEX. Post completion of this transaction, the total holding of the Company (including its Nominees) shall stand at 100%.
KINEDEX was incorporated on September 18th, 2002 and is engaged, inter alia, in the marketing and selling of pharmaceutical products in India. KINEDEX turnover in FY 2017-18 was Rs. 512.29 million. Further KINEDEX reported a turnover of Rs. 507.65 million and Rs. 452.65 million in FY 2016-17 and FY 2015-16, respectively. The paid up capital of KINEDEX is Rs. 18,25,040/-.
No Regulatory approvals are required for the said acquisition of shares. The investment does not constitute a related party transaction and none of the promoter / promoter group / group companies of the Company have interest in KINEDEX.
The Indicative time period for completion of the transaction is 30 days from the date of execution. The consideration shall be paid through banking channels. The consideration per share is Rs. 6575/-.
Shares of Eris Lifesciences Ltd was last trading in BSE at Rs.630 as compared to the previous close of Rs. 622.25. The total number of shares traded during the day was 546 in over 126 trades.
The stock hit an intraday high of Rs. 630 and intraday low of 613.8. The net turnover during the day was Rs. 337835.