Aurobindo Pharma buys 51 percent stake in GLS Pharma
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Hyderabad: Aurobindo Pharma has recently announced that the Board of Directors of the Company has approved the acquisition of 51% equity shares in GLS Pharma Limited, operating in oncology business and having manufacturing facility in Hyderabad for a total consideration of Rs 28,05,00,000.
According to Aurobindo, this acquisition is undertaken to expand the foothold of the Company in Oncology business in the domestic market and inorganic addition to capacity and revenues in oncology business.
"The binding agreements have been entered between GLS Pharma Limited, its existing Shareholders and the company on June 17, 2022. The completion of the share transfer is estimated before July 31 , 2022," Aurobindo said in a BSE filing.
The transaction is proposed to be undertaken at a pre-money equity valuation of Rs 45.65 crores. The acquisition is proposed through a combination of primary issuance and secondary purchase in the following manner:
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