Pharmaceutical Giant Expands Stake in Subsidiary with Strategic Acquisition
The company's board approved the purchase of 8,454 equity shares, representing a 3.73 per cent stake in Havix.
Senores Pharmaceuticals Limited, a prominent player in the pharmaceutical industry, has announced the acquisition of additional shares in its subsidiary, Havix Group Inc., also known as Aavis Pharmaceuticals. The company's board approved the purchase of 8,454 equity shares, representing a 3.73 per cent stake in Havix. This acquisition increases Senores Pharmaceuticals' total holding in Havix from 51.23 per cent to 54.96 per cent. The transaction, valued at USD 160 per share, is conducted on an arm's length basis with public category shareholders and does not qualify as a related party transaction.
The acquisition aims to consolidate Senores Pharmaceuticals' control over Havix, which specializes in the development, manufacturing, and supply of various finished pharmaceutical formulations. Havix, based in the United States and incorporated in Delaware, reported a turnover of USD 14.44 million for the financial year ending March 31, 2024. The acquisition is expected to be completed within ten days, pending requisite approvals under the Foreign Exchange Management Act, 1999.
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Company Overview
Senores Pharmaceuticals Limited, headquartered in Ahmedabad, Gujarat, is listed on both BSE and NSE under the symbol SENORES. As of the latest data, the company's stock is priced at Rs 566, with a market capitalization of over Rs 2,600 crore.
The stock has experienced a 52-week high of Rs 644.4 and a low of Rs 440. Despite a high PE ratio of 83, the stock has not delivered any returns over the past year. Senores Pharmaceuticals continues to strengthen its market position through strategic acquisitions, such as the recent increase in its stake in Havix Group Inc., reinforcing its commitment to growth and expansion in the pharmaceutical sector.
Disclaimer: The article is for informational purposes only and not investment advice.