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SMS Lifesciences India to divest partial stake in Mahi Drugs; Stock dips 1%

The Board has approved raising fresh equity in Mahi Drugs Private Limited, on Private Placement basis, to ChemWerth Inc., USA and its Associates.

December 01, 2021 9:57 IST | India Infoline News Service
SMS Lifesciences India Ltd has informed that the Board of Directors on November 30, 2021 have considered and approved disinvestment of partial equity shareholding of Mahi Drugs Private limited, a wholly-owned subsidiary of the Company, not exceeding 10% in Mahi Drugs Private Limited, by way of sale of equity shares held by the Company, to ChemWerth Inc ., USA, Strategic Investor.

Also, the Board has approved raising fresh equity in Mahi Drugs Private Limited, on Private Placement basis, to ChemWerth Inc., USA and its Associates.

Further, upon completion of the transactions, Mahi Drugs will cease to be a wholly-owned subsidiary of the Company, but shall continue as a Subsidiary Company with 60% stake of the post issued capital, with the Company, said SMS Lifesciences in a regulatory filing.

Accordingly, the proposed transaction is likely to enhance the value for the various stakeholders.

On Sensex at around 9:58 AM, SMS Lifesciences India was trading at Rs861.60 apiece down by Rs8.95 or 1.03%.

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