Type of Deal: Acquisition of additional equity shares in wholly-owned subsidiary via debt conversion
Stake/Capacity: 235,512 equity shares acquired. Post-acquisition, Davaindia Health Mart Limited continues to remain as the Wholly Owned Subsidiary of the Company.
Deal Value: ₹119,52,23,400 (₹119.52 crore)
Funding Source: Conversion of outstanding unsecured loan together with outstanding accumulated interest thereto granted by the Company to the subsidiary. Consideration is other than cash.
Financial Impact:
The investment results in reduction in Group's total outstanding debt on a consolidated basis
Improves overall net worth of the Group
Cost of acquisition: ₹5,075 per equity share (including premium of ₹5,065)
Based on audited financial statements for FY 2025-26, the target entity had turnover of ₹267.71 crores and total paid-up share capital of ₹2.71 crores
Timeline: The acquisition was completed on July 17, 2026
Strategic Rationale: The transaction converts debt to equity, strengthening the subsidiary's capital structure and reducing consolidated group debt.
Approval Status: Completed transaction
Reference Regulation: SEBI Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Additional Details:
Business of Target Entity: Operates retail Generic Pharmacy chain under Company Owned Company Operated (COCO) model of Davaindia Generic Pharmacy
Industry: Pharmaceutical
Number of stores: 1,855 COCO stores as of June 30, 2026
Product offering: 2000+ SKUs inclusive of Medicines, Ayurvedic, Cosmetics, Nutraceutical and OTC products
Incorporation date: January 01, 2020
Country of operation: India
Historical turnover:
FY 2025-26: ₹267.71 crores
FY 2024-25: ₹109.93 crores
The acquisition does not fall within related party transactions
Promoter/promoter group/group companies have no interest in WOS
