Aurobindo Pharma Ltd to acquire balance 49% stake in GLS Pharma Ltd

Aurobindo Pharma Ltd has entered into a binding agreement today, September 18, 2024, with GLS Pharma Limited, a subsidiary of the Company (GLS) and its promoters for acquisition of balance 5,90,361 equity shares of INR 10/- each (49% of GLS) for a purchase consideration of INR 22.5 crores. The shares are being acquired at a price of INR 381.12 per share. GLS will become a wholly owned subsidiary of the Company post the acquisition.

GLS Pharma Limited ("GLS") is a pharmaceutical company engaged in the business of Oncology products which include orals and injectables used in chemotherapy for solid malignancies, chemotherapy for hematological malignancies and chemo supportive products (the "Business").

GLS was incorporated on 01/09/2004 and initiated manufacturing in the year 2015. It had a total sales of INR 32.99 crores during FY 23-24, INR 36.08 crores during FY 22-23 and INR 25.84 crores during FY 21-22.

Aurobindo Pharma Limited (the "Company")is holding 51.00% in GLS. Mr. Suresh Pathak and his family members are holding 49.00% in GLS.

Shares of Aurobindo Pharma Limited was last trading in BSE at Rs. 1552.05 as compared to the previous close of Rs. 1562.10. The total number of shares traded during the day was 4008 in over 555 trades.

The stock hit an intraday high of Rs. 1567.25 and intraday low of 1550.00. The net turnover during the day was Rs. 6242455.00.

Source : Equity Bulls

Keywords

AurobindoPharma INE406A01037 StakeAcquisition GLSPharma Subsidiary