By: IPP Bureau
Last updated : January 07, 2024 11:45 am
The acquisition of the shares of Adita result in growth opportunities in line with strategic objectives of the company
The Board of Directors of Pharmaids Pharmaceuticals Limited have approved the acquisition of upto 36,75,959 equity shares of Adita Bio Sys Private Limited held by multiple existing shareholders of the company, representing upto 99.94% of the paid-up equity share capital of the target company, by way of share swap. The Board has also approved the execution of definitive agreements to give effect to the above.
The board considered and approved issue of equity shares upto 85,68,949 No's of Equity Shares of the company on Preferential Basis for Consideration other than Cash to the Individual shareholders of Adita Bio Sys Private Limited.
The board considered and approved issuance of equity shares upto 15,74,650 No's of Equity Shares of the company on Preferential Basis for Consideration other than Cash to Tumkur Trade Center Private Limited, one of the shareholders of Adita Bio Sys Private Limited.
The board considered and approved issuance of equity shares upto 27,22,258 No's of Equity Shares of the company on Preferential Basis for Consideration other than Cash to Asian Hotels (Partnership Firm), one of the shareholders of Adita Bio Sys Private Limited.
Adita is an unlisted private company, which is engaged in the GLP Developmental Services, Drug Discovery & Laboratory animals services & Animal Diet. The acquisition of the shares of Adita result in growth opportunities in line with strategic objectives of the Company.