Balaxi Pharmaceuticals Ltd Company Summary

Balaxi Pharmaceuticals Ltd Summary

Balaxi Ventures Limited was formerly incorporated in the name of The Anandam Rubber Company Limited on September 28, 1942. The Company changed its name from The Anandam Rubber Company Limited to Balaxi Ventures Limited on August 08, 2017. The Company incorporated with a basic objective of running rubber and tea plantations and owns several plantations across South India. In year 1989 the company sold its entire plantations to meet the emerging business needs and started concentrating in Investments and trading. The company previously was a investment company, but the company during the financial year 2018-19 has commenced the business of International Wholesale Trading of Pharmaceuticals, Builders Hardware and FMCG Products On 15 March 2017, Balaxi Overseas Private Limited (BOPL) entered into a Share Purchase Agreement (SPA) with the erstwhile promoters of Company (i.e. Mr. Nirej V. Paul, Mr. V. M. Paulose, Dr. Leelamma T. J and Mrs. Jaya Paul) to acquire 1,670,036 Equity Shares representing 54.94% of the paid up share capital of the Company along with the control over the Company, pursuant to which BOPL made an Open Offer under Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations, 2011. Control and management of the Company was acquired by BOPL on May 04, 2017 and it became the new promoter of Company and their representatives i.e. Mr. Ashish Maheshwari and Mrs. Minoshi Maheshwari became the new Directors of the Company. Simultaneously, erstwhile promoters stepped down as promoters from Company on same day and Mr. Nirej V. Paul and Dr. Leelamma TJ resigned as Managing Director and as Chairperson from the Company, respectively. Under the above said Open Offer, BOPL acquired 3,30,000 equity shares representing 10.86% equity share capital of the Company. On completion of the Open Offer BOPL became the holding and Promoter Company with an aggregate shareholding of 2000036 Equity Shares (ie 65.79%).The main objects of the company were amended to include activities of International wholesale trading in pharmaceutical, food products and builders hardware on August 08, 2018. The Company commenced the business of International Wholesale Trading of Pharmaceuticals, Builders Hardware and FMCG products from Financial Year 2018-19.Further, in February 2019, it kickstarted Food Products business by launching a range of biscuits under the brand YAP.The Company expanded its presence by establishing a central distribution warehouse in Guatemala, marking its entry into the third geography. This expansion helped in strengthening the distribution network and a wider customer base in 2019. In FY 2023, Company started operations in two Latin American Countries, i.e., Honduras and El Salvador and also started operations inthe Central African Republic.