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Elder Pharma to acquire UK's NeutraHealth for 9.80 mn pounds and is looking to raise $ 50 m through QIP

Date: 17-09-2010

Elder Pharmaceuticals has made an offer to acquire UK-based NeutraHealth Plc for nearly 9.80 million pounds (about Rs 70.60 crore). The deal will be executed through the company's wholly owned subsidiary in Dubai. Elder Pharma, which currently holds 21.1 per cent stake in NeutraHealth, has offered a price of 6.5 pence per share. 

 

NeutraHealth focuses on the highly fragmented vitamins, minerals and supplements sector within the UK and Europe. It has three group companies, Biocare, Brunel Healthcare and Totally Nourish. NeutraHealth reported revenues of 34.6 million pounds. Elder’s qualified institutional placement (QIP) for $ 50 m issue will open tomorrow with the floor price at Rs 414 per share, thus setting the price band for the issue between Rs 415 and Rs 419.crackcrack