Sun Pharma acquires minority stakes in Agatsa Software and Remidio Innovative

20 Feb 2023 , 10:39 AM

Sun Pharma has announced the acquisition of a 26.09% stake in Agatsa Software Private Limited, an early-stage digital diagnostic devices company, for Rs 30 crore in two tranches.

The acquisition will be completed in two tranches, with Tranche 1 would be worth Rs 8 crore, and expected to be completed in February 2023. Further, Tranche 2 of Rs 22 crore is expected to be completed by August 2023, subject to certain conditions, according to the company in a filing.

The Mumbai-based pharma player also acquired 27.39% of Remidio Innovative Solutions Private Limited, which provides innovative products for the early detection of eye diseases. The transaction is worth Rs 149.90 crore.

Meanwhile, Sun Pharmaceutical Industries reported a consolidated net profit of Rs2,166 crore for the third quarter of FY23. For the fiscal year under review, the company’s revenue from operations was Rs11,241 crore.

The company’s board of directors has also declared an interim dividend of Rs7.50 per share for FY23.

At around 10.02 AM, Sun Pharma was trading 0.15% higher at Rs986 apiece on NSE. The scrip closed at Rs984.50 on Friday. The counter opened at Rs990.15.

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