Shilpa Medicare Decided To Promote Its Subsidiary In US
Shilpa Medicare Limited had informed that the board of directors of the company at its meeting decided to promote 100% wholly owned subsidiary company (since incorporated) for the business operations in US and North American Countries. The disclosure for the proposed company are as follows:
| 1 | Name of the Target Entity, Details in brief size etc. | Shilpa Pharma Inc, USA |
| 2 | Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arms length"; | No |
| 3 | Industry to which the entity being acquired belongs | Pharmaceutical Sector |
| 4 | Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity); | Not Applicable |
| 5 | Brief details of any governmental or regulatory approvals required for the acquisition; | Not Applicable |
| 6 | Indicative time period for completion of the acquisition | 1 month approximately |
| 7 | Nature of consideration - whether cash consideration or share swap and details of the same; | Cash Consideration |
| 8 | Cost of acquisition or the price at which the shares are acquired; | 100 USD |
| 9 | Percentage of shareholding / control acquired and / or number of shares acquired; | 100% |
| 10 | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) | Got incorporated the target company through the representative of the Shilpa Medicare Limited on 30th May 2018. Now the subscription shares held by the representative will be transferred to the Shilpa Medicare Limited. Country of presence: United States of America |
