Dr Datsons Labs may give away all its earned to European pharma player Mires B.V.
Dr Datsons Labs may give away all its earned to European pharma player Mires B.V.Dr Datsons Labs than known as Aanjaneya Lifecarte was once the darling of the stock exchange & was its peak in mid 2012 where its stocks was trading at 850 +. The series of blows came from the hostile pharma market due to the international slow down & promoters pledging the shares to the institution.
Crisis -ridden Dr Datsons Labs has received letter of interest between Mires B.V a European based Pharma Company (proposed acquirer) and Dr Datsons Labs (target Company) summarize their mutual interest in the acquirer buying the target Company.
The acquirer proposed the enterprise valuation of the target Company is decided post due diligence.
The acquirer proposed to buy majority stake in the target company and the Company undertakes to take all necessary steps for the benefit of the stakeholders of the Company.
European pharma player Mires B.V has expressed interest to acquire majority stake in Mumbai-based drug maker Dr Datsons Labs Ltd, the company announced in a stock exchange disclosure.
“Mires B.V proposed to buy majority stake in the target company and has proposed that enterprise valuation of Dr Datsons Lab be decided post due diligence,” the mid-level drug maker announced on Monday.
The parentage and more details on Mires could not be sourced immediately.
Dr Datsons Labs has been negotiating with various pharma companies and other strategic investors for a potential stake sale, the company had earlier said.
While the firm did not disclose the names of prospective buyers, media reports had earlier suggested Videocon Group is looking to buy a controlling stake in the company.
According to a report by Business Standard, Videocon Group increased its holding in the company from 9 per cent to 19 per cent in quarter ended March 31, 2014. The holding of promoters of the company has shrank to 10 per cent as of the same date compared with 24.8 per cent as of December 31, 2013. The promoters of the company include Finaventure Capital and Kannan Vishwanath. Almost all of their shares are pledged with financial institutions which makes the firm an easy takeover target.
The report also said citing its promoter and vice chairman Kannan Vishwanath that the firm is looking for capital investment of around Rs 250 crore to fund its expansion plans in Mahad and Pune.
Dr Datsons manufactures active pharmaceutical ingredients (APIs) and finished dosage forms. It also provides contract research and manufacturing services and has a strong presence in the anti-malarial API segment.
For the year ended March 31, 2013, it reported revenues of Rs 520.75 crore with net profit of Rs 0.42 crore. In the quarter ended December 31, 2013 it reported revenues of Rs 150.57 crore with net profit of Rs 1.86 crore.
The scrip of the company closed at Rs 27.25, down 6.8 per cent on BSE in a weak Mumbai market on Monday. At this price the company has a market value of Rs 86 crore.
| Dr.Datsons Labs Ltd to consider fund raising | |
| A meeting of the Board of Directors of Dr.Datsons Labs Ltd will be held on May 10, 2014, to consider increase in authorize capital of the Company from Rs. 500,000,000 to Rs. 800,000,000 subject to the approval of the Members of the Company.
The Board will consider the Company’s fund raising program by way of issue of Equity shares on preferential basis to Non Promoters up to US$ 25.00 million, as per the Applicable provisions of the companies Act 2013 and SEBI Regulations, subject to the approval of the Members of the Company. The Board will consider issue of Foreign Currency convertible Bonds [FCCBs], American Depository Receipts [ADR] and Global Depository Receipts [GDR] upto US$ 25.00 million as per the Applicable provisions of the companies Act 2013 and SEBI Regulations, subject to the approval of the Members of the Company. The Board will consider the amendment in Other Object Clauses in the Memorandum of Association of the Company, subject to the approval of the Members of the Company. The Board will consider conducting Postal Ballot of the Company for the above matters pursuant to Section 110 of the Companies Act, 2013 and Companies (Management and Administration) Rules, 2014 and to finalize the Notice of Postal Ballot for the same. The Board will also consider appointment of Scrutinizer to oversee the Postal Ballot process of the Company. Shares of Dr.Datsons Labs Limited was last trading in BSE at Rs.26 as compared to the previous close of Rs. 27.25. The total number of shares traded during the day was 403148 in over 6164 trades. The stock hit an intraday high of Rs. 28.45 and intraday low of 25.25. The net turnover during the day was Rs. 10709253. |
