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Avantel incorporates new subsidiary Imeds Global; Stock trades flat

The company acquired 20 lakhs shares of Rs10 each aggregating to Rs2cr.

September 09, 2021 9:21 IST | India Infoline News Service
IT Stocks Up
Avantel Limited has incorporated a wholly-owned subsidiary company under the name & style of ‘Imeds Global Private Limited’.

The business of a wholly-owned subsidiary company is to manufacture various medical and healthcare equipment. Cost of acquisition or the price at which the Rs2cr (20 lakhs equity shares of Rs10/- each).

“Imeds Global Private Limited is incorporated with Registrar of Companies, Vijayawada, Andhra Pradesh, on September 03, 2021 and is yet to commence its business operations,” company said in a filing on Wednesday.

At around 9.25 AM, Avantel Ltd was trading at Rs705.10 per piece down by Rs0.35 or 0.05% from its previous closing of Rs705.45 per piece on the BSE.

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