Nature of Update
This is a regulatory disclosure regarding the incorporation of a new wholly owned subsidiary by Aurobindo Pharma's existing wholly owned subsidiary.
Key Operational or Strategic Points
- Apitoria Pharma Private Limited (wholly owned subsidiary of Aurobindo Pharma) has incorporated a new wholly owned subsidiary named 'Avogent Lifesciences Private Limited' in India
- The object of incorporation is to undertake manufacturing and marketing operations in India and foreign countries
- The new subsidiary operates in the pharmaceuticals industry
- This is a related party transaction as Apitoria Pharma is a wholly owned subsidiary of Aurobindo Pharma
- Promoters and promoter group of Aurobindo Pharma are not interested in the transaction
- No governmental or regulatory approvals are required for this incorporation
- The transaction was conducted at arm's length
Material Financial Impact
- Initial subscription to the share capital of ₹5,00,00,000 (Five Crore Rupees)
- Capital divided into 50,00,000 equity shares of ₹10 each
- 100% shareholding acquired through cash consideration
- Funding through 100% subscription to share capital in cash
- The company is newly incorporated with no historical turnover data available for the past 3 years