Mars Medical acquires further stake in Shalby's Singapore arm; stock slips ~2%

25 Mar 2022 , 12:28 PM

Shalby Limited wholly-owned Subsidiary Mars Medical Devices Limited (MMDL) has further subscribed 3,50,000 equity shares of SGD 1 each in MMDL’S Subsidiary – Shalby Global Technologies Pte. Ltd., Singapore {SGTPL), and remitted funds for the same on March 24, 2022.

SGTPL is a subsidiary of Mars Medical Devices Limited and a Step-down Subsidiary of the Company. Shareholding of MMDL in SGTPL is now increased to 98.76% from 97.82%.

The company engages in wholesale of medical, professional, scientific, and precision equipment, the company said in the filing.

The cost of further acquisition is 3,50,000 SGD, and consequently, the company holds 7,99,000 shares in Shalby Global.

Shalby Ltd is currently trading at Rs124.95 down by Rs2.05 or 1.61% from its previous closing of Rs127 on the BSE. The scrip opened at Rs128 and has touched day’s high and low of Rs128.70 and Rs124.25 respectively.