Sequent Scientific has informed that the Board of Directors of the Company at its meeting held on June 30, 2015, has approved the consolidation of shareholding in Alivira by acquiring all the shares held in Alivira from Unit Trust of India Investment Advisory Services A/c Ascent India Fund III (‘Ascent’) and Devicam Capital LLP (‘Devicam’) i.e., 9,997,941 shares. On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of the Company. The consideration for the acquisition of Alivira shares held by Ascent and Devicam has been arrived pursuant to the valuation report prepared by an independent chartered accountant. The consideration towards the acquisition of 9,997,941 Alivira shares will be settled through issue of 3,585,413 equity shares of SeQuent Scientific (stocks swap), through preferential allotment to Ascent and Devicam, in compliance with Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The number of shares of SeQuent to be issued to Ascent and Devicam as consideration for acquisition of Alivira shares held by each of them has been arrived as per the valuation report and preferential issue of 3,585,413 equity shares of Rs 10 each for consideration other than cash, at a price of Rs 669.10 per equity share (including a premium of Rs 659.10 per equity share) in compliance with Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
The above information is a part of company’s filings submitted to BSE.
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