Bharat Parenterals Limited (BSE:541096) agreed to acquire an additional 4.89% stake in Innoxel Lifesciences Private Limited for approximately INR 650 on June 5, 2024. A cash consideration valued at INR 64.9 per share will be paid by Bharat Parenterals Limited. As part of consideration, an undisclosed value is paid towards common equity of Innoxel Lifesciences Private Limited.

Upon completion, Bharat Parenterals Limited will own 55.89% stake in Innoxel Lifesciences Private Limited. For the period ending March 31, 2024, Innoxel Lifesciences Private Limited reported total revenue of INR 37.4 million and net loss of INR 79.84 million. The transaction is subject to approval of offer by acquirer shareholders.

The expected completion of the transaction is June 5, 2024 to June 30, 2024.