Indoco incorporates new subsidiary Warren Remedies; stock trades higher

8 Jun 2022 , 11:52 AM

Indoco Remedies Limited informed that the Company has incorporated a Wholly Owned Subsidiary namely, Warren Remedies Private Limited.

The company is incorporated to manufacture pharmaceutical products.

The cost of acquisition is a nominal value of Rs1 lakh. The subsidiary is a wholly-owned subsidiary, so Indoco will hold 100% shareholding in Warren.

Warren Remedies Private Limited is incorporated in India under the Companies Act, 2013, and registered with the Registrar of Companies, Maharashtra on June 7, 2022. The Company is yet to commence its business operations.

Warren has a Paid-up Share Capital of Rs1,00,000.

The initial subscription to the subsidiary mentioned above does not fall within the related party transaction.

Indoco Remedies is currently trading at Rs376.25 up by Rs1.65 or 0.44% from its previous closing of Rs374.60 on the BSE. The scrip opened at Rs376.55 and has touched intraday high and low of Rs378.35 and Rs367.05 respectively.