In furtherance to the intimation given by the Company on 22nd September, 2023 with respect to making any investments or acquisition by way of subscription, purchase or otherwise, the securities of other body corporates by the company up to 40,00,00,000 over and above the limits available under Section 186 of the Companies Act, 2013. Pharmaids Pharmaceuticals has informed that the Board of Directors at their meeting held on January 06, 2024 have approved purchase of up to 36,75,959 Equity Shares of Adita Bio Sys (Target Company). The Board has also approved the execution of definitive agreements to give effect to the above acquisition. With the said acquisition the Company aims to acquire majority stake in the Target Company through share swap. The details as required under Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are given in Annexure – A to this letter.
The above information is a part of company’s filings submitted to BSE.
