Ashwani Khemka, Managing Director of Sanjivani Paranteral Limited made an offer to acquire an additional 26% stake in Sanjivani Paranteral Limited. for INR 26 million.
June 24, 2021
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Ashwani Khemka, Managing Director of Sanjivani Paranteral Limited made an offer to acquire an additional 26% stake in Sanjivani Paranteral Limited. (BSE:531569) for INR 26 million on June 25, 2021. Under the terms of transaction, Ashwani Khemka will purchase 2.6 million shares at a purchase price of INR 10 per share in cash. Ashwani Khemka has opened an escrow cash account with Kotak Mahindra Bank Limited and has made a cash deposit of INR 6.5 million in this escrow cash account. Ashwani Khemka has sufficient liquid funds to fulfill his monetary obligations under the Offer. Upon completion of the Offer (assuming full acceptance), Ashwani Khemka will hold 5.13 million equity shares representing 51.28% of total issued paid up capital of the Sanjivani Paranteral. Ashwani Khemka will continue the existing line of business of Sanjivani Paranteral Limited. The Offer is not conditional upon any minimum level of acceptance. This Offer is subject to the receipt of any statutory and other approvals as mentioned under Letter of Offer. As of September 8, 2021, the offer is not subject to any statutory approval. The acceptance of the Offer must be unconditional and should be in the manner prescribed herein. The Board of Directors of Sanjivani Paranteral Limited will constitute a committee of Independent Directors who would provide its written reasoned recommendation on the offer to the shareholders of Sanjivani Paranteral Limited. As of September 13, 2021, the Committee of Independent Directors recommended that the offer price is fair and reasonable. As on July 10, 2021, the offer will begin on August 20, 2021 and will end on September 2, 2021. The consideration will be paid by September 17, 2021. As of September 8, 2021, offer will open on September 17, 2021 and will close on September 30, 2021. Kinnari Mehta of Sun Capital Advisory Services Private Limited acted as manager for Ashwani Khemka. Sumeet Deshpande of Link Intime India Pvt. Ltd. acted as registrar and Pramod Kumar Sultania of Nikunj Stock Brokers Limited acted as broker for Ashwani Khemka in the transaction.
Sanjivani Paranteral Limited is engaged in the business of manufacturing pharmaceutical products. Its product category includes antibiotic, anti-emetic, non-steroidal anti-inflammatory drugs (NSAID) and analgesic, antimalarial, calcium and vitamin, sedative, steroid, cardiovascular, anti-fibrinolytic, anti-coagulant, vasoconstrictor, inotropic agent, anti-spasmodic, multivitamin, nutrition, iron, NSAID and analgesic, analgesic anti spasmodic, analgesic, and NSAID. Its antibiotic includes Netilmicin Sulphate, Amikacin Sulphate, and Gentamycin Sulphate. Its anti-emetic includes Ranitidine Hydrochloride, Metoclopramide, Ondansetron, and Promethazine. Its NSAID and analgesic includes Acetaminophen Injection and Diclofenac Sodium Injection. Its calcium and vitamin include Methylcobalamin 500 mcg/ml and Nicotinic Acid 10 mg/ml. Its sedative includes Midazolam Hydrochloride, Diazepam, and Dobutamine Hydrochloride. Its Iron includes iron Sucrose. Its analgesic includes Metamizole.
Ashwani Khemka, Managing Director of Sanjivani Paranteral Limited made an offer to acquire an additional 26% stake in Sanjivani Paranteral Limited. for INR 26 million.