Elder Pharma to pick-up 20 pc stake in Neutra Health
Elder Pharmaceuticals on Thursday said it will acquire a 20 per cent strategic stake in the UK-based Neutra Health for 5.63 million pounds (about Rs 47 crore).
By PTI |
MUMBAI: Elder Pharmaceuticals on Thursday said it will acquire a 20 per cent strategic stake in the UK-based Neutra Health for 5.63 million pounds (about Rs 47 crore).
The company would acquire over 3.51 crore equity shares of face value of 10 pence of the AIM listed Neutra Health, at a price of 16 pence per share, Elder Pharmaceuticals said in a communique to the Bombay Stock Exchange (BSE).
The funding of this investment is proposed to be done through Foreign Currency Convertible Bonds (FCCBs), it said.
The company expects great synergies from the transaction with a possibility of back-end production of some of the Neutra Health brands by it.
Some of the brands of Neutra Health can also be brought into India and some other countries, where the company has business relationships, it added.
Neutra Health Plc with a turnover 23 million pounds and a market capitalisation of about 16.8 million pounds, has three subsidiaries which market and distribute products like vitamins, specialised health supplements, medicines and health treatments.
Shares of the company were trading at Rs 419.70, up 1.67 per cent on BSE in afternoon trade.
The company would acquire over 3.51 crore equity shares of face value of 10 pence of the AIM listed Neutra Health, at a price of 16 pence per share, Elder Pharmaceuticals said in a communique to the Bombay Stock Exchange (BSE).
The funding of this investment is proposed to be done through Foreign Currency Convertible Bonds (FCCBs), it said.
The company expects great synergies from the transaction with a possibility of back-end production of some of the Neutra Health brands by it.
Some of the brands of Neutra Health can also be brought into India and some other countries, where the company has business relationships, it added.
Neutra Health Plc with a turnover 23 million pounds and a market capitalisation of about 16.8 million pounds, has three subsidiaries which market and distribute products like vitamins, specialised health supplements, medicines and health treatments.
ADVERTISEMENT
Shares of the company were trading at Rs 419.70, up 1.67 per cent on BSE in afternoon trade.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
