The Hindu Business Line : Shri Shri Resorts acquires 19.11 pc in Vivo Bio Tech

SHRI Shri Resorts Pvt. Ltd, the city-based real estate and resorts company, has acquired 6,70,000 equity shares of Vivo Bio Tech Ltd, formerly known as Sunshine Factors & Exports Ltd.

These shares, accounting for 19.11 per cent equity of Vivo Bio were sold by four of its promoters in favour of Shri Shri and two others acting concert through a negotiated deal, sources close to the deal told Business Line.

While the shares were acquired at a price of Rs 1 per share, the acquirers have already paid an amount of Rs 5 lakh to Vivo Bio promoters on the day of signing of the agreement. According to sources, the balance amount would be paid within 21 days from the date of agreement.

"The agreement contains a clause that it is subject to the provisions of SEBI (SAST) Regulations and in case of non-compliance with any of the provisions of the regulations, the agreement for such sale should not be acted upon by the vendors or the acquirers," sources said.

Vivo Bio is a publicly listed company, which is currently carrying on the business of trading in biotech products and pharmaceuticals. Its current authorised share capital stands at Rs 8 crore, while the issued and paid-up capital amounted to Rs 3.52 crore. As at the end of December 2003, the company's net worth stood at Rs 15.91 lakh and book value per share at Re 0.45.

The acquirers, who are planning to expand their business and derive the benefits of listed company, are planning to come out with an open offer to Vivo Bio shareholders in terms of SEBI Regulations to acquire an additional 20 per cent.

With an intension to acquire 7,01,040 shares of Vivo Bio at a price of Rs 1 per share through an open offer, the acquirers have appointed Aryaman Financial Services Ltd as the Manager to the offer. The offer opens on May 21 and closes on June 19.

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