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Combat Drugs Ltd approves proposal for takeover of Limited Liability Company in the USA

Posted On: 2019-08-12 22:05:14

The Board of Directors of Combat Drugs Ltd at its meeting held today, 12th August, 2019, have considered the proposal for acquisition of a Limited Liability Company (LLC) (hereinafter referred to as the "Target Company") based in the United States of America.

The target company is operating in the field of Information Technology Services specializing in ERP Solutions, Business Intelligence, Data Warehousing, Software Development, Consulting, Programming and Offshore Development, having an Income Revenue of USD $11.86 Million (approx Rs.81.83 Crores at Rs.69.00 per US dollar) and a Gross Profit of USD $0.773 Million (approx Rs.5.33 Crores at Rs.69.00 per US dollar) as of their Financial Year ended 31st December, 2018. The Target company has clients in Healthcare, Hospitality, Financial services etc ranging from small businesses to Fortune 1000 companies including clients such as Merck, Allregan, Bank of America, SAP, IBM, among others.

The Board with a view of making the company's global presence in the field of Pharma and Information Technology, is considering the proposal of the acquisition of the target company, subject to Due Diligence of the Target company and its authorized representatives and the Feasibility and Viability report.

The Board has authorized its Promoter Mr. Janakiram Ajjarapu and/or its Director/s to conduct and/or appoint an agency for the Feasibility and Technical and Financial Due Diligence of the project and detailed discussions with the Promoters of the target company and their bankers, Creditors and Debtors thereof and making representations, for obtaining statutory approvals, wherever necessary.

The Board also considered the proposal for the change of the Company's name to bring it in sync with the diversified interests of the company. The Board will put forth the same, in the ensuing Annual General Meeting for the approval of the Shareholders of the company along with other relevant proposed resolutions and, for submission of other necessary approvals.

Shares of COMBAT DRUGS LTD. was last trading in BSE at Rs.23.3 as compared to the previous close of Rs. 24.5. The total number of shares traded during the day was 5581 in over 3 trades.

The stock hit an intraday high of Rs. 23.3 and intraday low of 23.3. The net turnover during the day was Rs. 130037.

Source: Equity Bulls

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