TTK Healthcare Limited updates on sale of Human Pharma division

Based on the recommendation of the Audit Committee, approved the proposal of sale / transfer of Human Pharma Division of TTK Healthcare Limited, as a going concern, on slump sale basis.

Pursuant to this decision, definitive agreements have been concluded with M/s BSV Pharma Private Limited (BSV) and Miransa Limited, (an affiliate of Advent International), with the closing of the transaction contemplated thereunder being subject to the approval of the Shareholders by means of a Postal Ballot Process and fulfilment of 'conditions precedent' that are customary in such transactions.

Pursuant to the said agreement, the consideration will be settled by BSV to the Company to the extent of 74% in cash and 26% by way of allotment of Equity Shares. The total value of the consideration is Rs.805 crores, subject to adjustments for working capital and other customary adjustments as on the date of transfer.

TTK Healthcare Limited (TTKHC) has several business divisions like Consumer Products, Personal Products, Foods, Medical Devices, Animal Welfare Products, Prescription based Human Pharmaceuticals Formulations, etc. The core competence of TTKHC relates lo various divisions other than Human Pharma Formulations and TTKHC intends to invest in and expand those businesses. Therefore, the Board has decided to hive-off the Human Pharma Division for a consideration that is considered attractive and use the proceeds in such areas where core competency is present and for the benefit of all stakeholders.

Shares of TTK Healthcare Limited was last trading in BSE at Rs. 808.20 as compared to the previous close of Rs. 800.85. The total number of shares traded during the day was 2018 in over 233 trades.

The stock hit an intraday high of Rs. 825.00 and intraday low of 796.95. The net turnover during the day was Rs. 1631156.00.

Source : Equity Bulls

Keywords

TTKHealthcare INE910C01018 HumanPharmaDivision Sale Agreement BSVPharma Miransa