Aurobindo Pharma to pick up 49% stake in GLS Pharma

19 Sep 2024 , 12:32 PM

Aurobindo Pharma Ltd announced on Wednesday that it will buy the remaining 49% ownership in GLS Pharma Ltd for ₹22.5 Crore, making the latter a wholly-owned subsidiary. On September 18, 2024, the firm entered into a contractual agreement with GLS Pharma Ltd and its promoters to acquire the remaining 5,90,361 equity shares of ₹10 apiece, representing a 49% ownership, for a purchase price of ₹22.5 Crore.

Aurobindo Pharma stated in a regulatory filing that the shares will be acquired at a price of ₹381.12 per share.

This acquisition is being made to ensure that the firm owns 100% of GLS, according to the statement, and the transaction is expected to be completed by December 31, 2024.

On June 17, 2022, Aurobindo purchased a 51% share in GLS Pharma from entrepreneur Suresh Pathak and his family members.

GLS, which was founded in 2004, manufactures oncology medications such as oral and injectable chemotherapy agents, as well as chemo-supportive items. In FY24, the company’s sales totalled ₹32.99 Crore.

At around 10.35 AM, Aurobindo Pharma was trading 0.17% lower at ₹1,536.50 per piece, against the previous close of ₹1,539.15 on NSE. The counter touched an intraday high and low of ₹1,559.90, and ₹1,533.60, respectively.

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