RPG Life Sciences sells pharma business for Rs 46 cr

New Delhi, June 13 (UNI) RPG Life Sciences Ltd today said it will sell its pharmaceuticals business to RPG Pharmaceuticals Ltd for Rs 46 crore.

In this direction, a scheme of arrangement has been approved between the company and RPG Pharmaceuticals Ltd, a statement issued here said.

RPG Pharmaceuticals Ltd will discharge the amount in the form of equity shares of Rs 11,49,50,800 representing 1,43,68,850 equity shares of Rs 8 each fully paid-up at an aggregate premium of Rs 34,50,49,200, ratio of 1:1.

The investments of the company would be sold to Instant Holdings Ltd for a consideration of Rs 53 crore.

The consideration shall be discharged by Instant Holdings Ltd in the form of equity shares of Rs 9,95,00,000 representing 99,50,000 equity shares of Rs 10 each fully paid-up at an aggregate premium of Rs 43,05,00,000, it added.

It further added that subject to requisite consent, approval the merger of Instant Holdings Ltd and Instant Trading and Investment Company Ltd is envisaged.

UNI