Summary of Key Information:
Reporting Period (Quarter/Year): Not Specified
Nature of Filing / Announcement: Outcome of Board Meeting
Date of Board Meeting / Approval: October 01, 2026 (15:00 Hrs. IST to 15:30 Hrs. IST)
Audit Opinion: Not Specified
Auditor's Comment: Not Specified
Key Financial Highlights:
Standalone Results: Not Specified
Consolidated Results: Not Specified
Corporate Actions:
- Investment of USD 21,000,000 by Gland Pharma Limited in Gland Pharma USA Inc. (proposed to be wholly-owned subsidiary)
- Gland USA will utilize funds to subscribe to 60% of equity share capital of Novelstar Pharma Inc.
- Upon completion, Novelstar will become subsidiary of Gland USA and step-down subsidiary of Gland Pharma Limited
- Investment intended to facilitate expansion of Company's business in United States of America
- Transaction expected to be completed by October 31, 2026
- Cash consideration of USD 21,000,000
- Gland USA share capital before investment: USD 500,000
- Gland USA share capital after investment: USD 21,500,000
- Novelstar share capital post-acquisition: USD 35,000,000
Other Significant Information:
Gland USA Financials:
- FY 2025-26 Turnover: NIL
- FY 2025 Turnover: USD 87,342
- FY 2024 Turnover: USD 483,808
- Date of Incorporation: March 07, 2022
- Similar line of business as Gland Pharma Limited
Novelstar Background:
- Newly incorporated entity (September 30, 2026)
- No business operations or turnover history
- Based in United States of America
Regulatory References:
- SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026
- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015