Morepen Labs arm to form new subsidary
Haryana: Morepen Laboratories Limited has announced that the Board of Directors of Dr Morepen Limited, a wholly owned subsidiary of the company, has approved the formation of a new subsidiary company.
The proposed entity will be named ‘QUICK MED PRIVATE LIMITED’ or any other name as approved by the Central Registration Centre, Ministry of Corporate Affairs.
Upon incorporation, the proposed company will become a step-down subsidiary of Morepen Laboratories Limited.
"The date of incorporation will be intimated in due course," the Company said in a BSE filing.
Dr. Morepen Limited, a wholly owned subsidiary of Morepen Laboratories Limited, will be the holding company, with Morepen Laboratories as the ultimate holding company of the proposed company under incorporation.
The proposed new company will operate in the pharmaceutical sector, specializing in the 'Online Retail Pharmacy' business.
The objective of incorporation of new subsidiary is part of the inorganic growth plans of Dr. Morepen Limited to cater the growing demands of online pharmacy business.
Dr. Morepen Limited will contribute Rs 80,000/- in cash, representing 80% of the initial subscription, through the acquisition of 8,000 (Eight Thousand) equity shares at Rs 10/- each in the share capital of the proposed new company. The company will indirectly hold 80% of the shares in the proposed new step down subsidiary through Dr Morepen Limited.
Read also: Morepen Labs receives board approval to raise up to Rs 350 crore
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