Kilitch Drugs (India) Limited announced a strategic investment of $200,000 (approximately ₹1.73 crore) in its foreign subsidiary, Kilitch Estro Biotech PLC. The investment is aimed at enhancing the working capital requirements of the subsidiary and increasing Kilitch Drugs’ long-term returns.
As of 10:01 am the shares were trading 2.30% higher at ₹344.75 on BSE.
Key Highlights of the Investment:
- Target Entity: Kilitch Estro Biotech PLC, based in Ethiopia, engaged in the manufacturing of pharmaceutical products.
- Nature of Transaction: Additional equity investment.
- Shares Acquired: 25,092 equity shares.
- Pre and Post-Holding: The company’s holding will increase from 67% to 78.09% post-issuance.
- Purpose: The funds will strengthen the subsidiary’s operations and position Kilitch Drugs for sustained growth in the pharmaceutical sector.
Financial Performance of Kilitch Estro Biotech PLC:
- Turnover (FY 2023-24): ₹22.72 crore
- Turnover (FY 2022-23): ₹22.22 crore
Kilitch Estro Biotech PLC commenced operations in January 2022 and has been pivotal in Kilitch Drugs’ international growth strategy. This marks a significant step in the company’s efforts to expand its global footprint and enhance value creation for its stakeholders.
Disclaimer:
This announcement is pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.
