Vayam Research Solutions Limited is a step down subsidiary of Vanta Bioscience.
The Company held 56.60% shareholding in Vayam through its wholly owned subsidiary Vanta Clinical Research Limited. In order to meet its working capital requirements, Vayam has made an offer for issue of shares by means of Rights issue to all the existing shareholders of the Company.
VCRL did not participate in the said offer and has renounced its rights under the said offer. Accordingly, the Board of Vayam in their meeting held on 21st May 2021 has allotted shares in accordance with the said rights issue and thereby the shareholding of the VCRL Company now stands reduced to 36.04%.
As the shareholding of VCRL in Vayam is below 50% of the total equity share capital, Vayam ceases to be a subsidiary of VCRL and step down subsidiary of the Company w.e.f 21st May 2021.
At around 12:05 PM, Vanta Bioscience was trading at Rs175 per piece higher by 0.57% on Sensex.