Elder Ltd acquires 20pc in Neutra Health PLC

New Delhi, July 26: Elder Pharmaceuticals Ltd today said it has acquired a 20 per cent stake in Neutra Health PLC, an AIM listed company in the United Kingdom for an investment of Rs 46-47 crores (5.63 million pounds).

Elder will acquire 351,97,026 equity shares having a face value of 10 pence at 16 pence per share, said a statement.

Neutra Health PLC has three subsidiaries which market and distribute a range of neutraceutical products such as vitamins, specialised health supplements, over the counter medicines and 'detox in a box' health treatments. Neutra Health has a turnover of 23 million pounds and a market capitalisation of close to 16.8 million pounds.

''Elder sees a lot of synergies being generated from this transaction with some of its brand finding entry into the UK market with a distinct possibility of back end production of some of the Neutra Health brands,'' said the statement.

Some of the brands of Neutra Health can also be brought into India and some other countries where the Elder has business relationships, it added.

The funding of this investment is proposed through ECS / FCCBs.

UNI