- Wealth PMS
Shilpa Medicare deals in high-quality Active Pharmaceutical Ingredients (APIs), Intermediates, Formulations, New Drug Delivery Systems, Peptides / Biotech products and Specialty Chemicals etc. and is also a leading suppliers of Oncology/non- Oncology APIs and intermediates.
Its subsidiary organizations include LobaFienchem, Raichem Life Sciences, Nu Therapeutics and Reva Pharma.
Tano Mauritus India Fund which held 7,179,506 shares representing 9.31% of the share capital, sold 620,000 shares representing 0.80% at an avg. price of Rs. 480/- per share. This values the deal at Rs. 30 crore.
Tano Capital’s new reduced shareholding would be 6,559,506 shares or 8.51%.
Tano Capital is an alternative asset management firm founded in 2004 by Chuck Johnson, formerly Co-President of Franklin Templeton Investments and CEO of Templeton Worldwide Inc.
This stake reduction comes a day after the Board of Directors approved the amalgamation of Navya Biologicals with Shilpa Medicare.
Navya Biologicals is engaged on research and development activities in the field of biologicals. NBPL has specifically been in the development of bio-similars and bioprocess technology platforms. The deal would be a share swap i.e. 1,400,000 equity shares will be issued to the shareholders of Navya Biologicals. The amalgamation would result in Shilpa Medicare having presence in the research and related activities in the field of biologicals. (more here)
Since the deal was announced post market hours on the 27-Jun, the shares of Shilpa Medicare touched a high of Rs. 519.90/- only to close today at Rs. 501.40/- (a jump of Rs. 16/- since the announcement
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