Gennex Laboratories to make Deccan Remedies as its subsidiary company

5 Jan 2022 , 09:17 AM

Gennex Laboratories Ltd has informed to the exchanges regarding approval to make Deccan Remedies as subsidiary.

According to the filing, after through discussion on all the recommendations of the Audit Committee, board decided to make Deccan Remedies Limited (Deccan) as the Subsidiary Company by acquire additional 6.73% equity Shares i.e., 836,165 from the Existing promoter Shareholders group and in turn the Company will hold 51 % equity shares of the Deccan.

Further, Arihant Baid, Managing Director of the Company represent Gennex (the Company) in the Board of Deccan to manage the Affairs of the Deccan.

Furthermore, “We want to inform all the stakeholders of the company that as on date, Deccan is a Debt free entity and is in the process to implement a manufacturing facility where it will manufacture various API’s and other allied products – both with expanded capacity of Gennex as well as developing additional products,” said Gennex Labs.

The company further added, “Upon Implementation, the Deccan Remedies Limited manufacturing facilities will be as per global regulatory standards of a ll major markets. This strategic expansion will allow Gennex and Deccan to expand their capabilities and Global reach exponentially – both in terms of products offered and markets catered.”

At around 9:17 AM, Gennex Labs was trading at Rs10.47 per piece lower by 4.99% on the BSE.