Goldencross Pharma Sell Its 100% Equity Stake In Four M Propack Limited
Goldencross Pharma Private Limited, wholly owned subsidiary of Cipla Limited (the "Company"), has entered in to a definitive agreement to sell its 100% equity stake in Four M Propack Limited, India ("Four M Propack") to Shriji Polymers (India) Limited ("Shriji Polymers") for a consideration of Rs.13.5 crores and an additional sum derived on the basis of the value of mutual funds, cash and bank balance, tax refunds, etc. at the time of closing estimated at around Rs.5.7 crores.
Shriji Polymers is a company incorporated under the Companies Act, 1956 having its registered office at 8 & 9, Industrial Area, Maxi Road, Ujjain, Madhya Pradesh, 456010 and engaged in the business of manufacturing of HDPE bottles and PP caps for the pharmaceutical industry.
The turnover of Four M Propack for the financial year ended 31st March 2016 was Rs.9.77 crores which is entirely on account of sales to the Company. The net worth of Four M Propack as on 31st March 2016 was Rs.15.82 crores constituting 0.001% of the consolidated net worth of the Company.
The transaction is expected to be completed within 45 days from date of signing of the definitive agreement, subject to completion of certain condition precedent and receipt of applicable approvals.