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Asahi Songwon spurts ~6% on acquisition of 100% stake in Atlas Life Sciences

Atlas Life Sciences Private Limited is one of the leading manufacturers of Active Pharmaceutical Ingredients (API) and Bulk Drugs.

April 18, 2022 2:54 IST | India Infoline News Service
Asahi Songwon’s counter gained nearly 7% so far in today’s trade as the company completes the first tranche of acquisition of a 78% stake in Atlas Life Sciences Private Limited (ALSPL).

The company has informed that it has executed a Share Purchase Agreement today, i.e., April 18, 2022, with Atlas Life Sciences and certain identified promoters of ALSPL for the acquisition of a 100% stake in ALSPL in three tranches from certain identified promoters and other shareholders of ALSPL.

Atlas Life Sciences Private Limited is one of the leading manufacturers of Active Pharmaceutical Ingredients (API) and Bulk Drugs, with a dominant position in Pregabalin (PG) and 4 other API's and one intermediate (R-CMH for PG).
The acquisition under the first tranche is for a cash consideration of Rs48 crore. The company has acquired 24,30,000 shares so far.

The remaining 6,60,000 shares representing a 22% stake in ALSPL will be acquired in two tranches (3,30,000 shares of ALSPL representing 11 % stake in each tranche) for a consideration determined based on EBITDA prevailing for the period October O 1, 2022 to September 30, 2023, and October 01, 2023, to September 30, 2024, respectively, in terms of the SPA.

Asahi Songwon Colors is currently trading at Rs334.40 up by Rs18.45 or 5.84% from its previous closing of Rs315.95 on the BSE. The scrip has touched intraday high and low of Rs340 and Rs319 respectively.

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