3B BlackBio Biotech India Limited (a subsidiary of Kilpest India Limited) today, announced the signing of a non-binding Letter of Intent (LOI) to acquire 100% shares of a European based company that specializes in the development and manufacture of innovative high-quality products for the life science and molecular diagnostic markets.
The deal is subject to customary financial, legal and business due diligence, as well as regulatory approvals. An exclusivity period of 60 days has been agreed upon between the parties to complete the due diligence.
The acquisition of this business would represent a strategic investment in the related field of life science research and molecular diagnostics.
The acquisition will be funded fully with internal accruals by M/s 3B Blackbio Biotech India Ltd and its subsidiary M/s TRUPCR Europe Limited.
As per the Non-Disclosure Agreement signed with the company till the final agreement is concluded post due diligence, the name and other details of this LOI are not being disclosed. As soon as the final binding agreement is executed, all the detailed information about the deal shall be disclosed immediately.
Shares of KILPEST INDIA LTD. was last trading in BSE at Rs. 400.10 as compared to the previous close of Rs. 408.10. The total number of shares traded during the day was 7506 in over 227 trades.
The stock hit an intraday high of Rs. 415.80 and intraday low of 398.00. The net turnover during the day was Rs. 3037882.00.