Financial Daily from THE HINDU group of publications
Thursday, Jun 24, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 24, 2004 |
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Corporate
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Mergers & Acquisitions iGATE to hike stake in Saint Life Pharma to 100 pc Our Bureau
New Delhi , June 23 iGATE Global Solutions plans to convert Saint Life Pharmaceutical Research Laboratories into a wholly owned subsidiary by purchasing 10,000 shares of the pharma research company from individual investors for an undisclosed amount. According to sources, iGATE Global plans to increase its stake in the pharmaceutical research company from 91.67 per cent to 100 per cent. iGATE Global is a foreign-owned company with 88.16 per cent of its stake held by iGATE Corporation of the US, and it has recently entered into a share purchase agreement with three individuals so as to control 100 per cent of Saint Life Pharma. In its application before the Foreign Investment Promotion Board (FIPB), Saint Life Pharma has submitted a `no-objection certificate' (NoC) from iGATE Clinical Research International, which is another venture of iGATE Corporation in India, in compliance with Press Note No. 18 stipulations. In its application, Saint Life Pharma had sought approval, among other things, for iGATE Global's share purchase agreement on stake hike being validated by the board. Besides, the pharma research company had also sought approval for two individual shareholders transferring their stake in it to a third one and the transfer of all the equity resting with these three individuals to iGATE Global. iGATE Global has said it will make all investment in the purchase of additional equity in Saint Life Pharma from its paid-up capital reserves and surplus. While agreeing to the acquisition by iGATE Global, FIPB has imposed the condition that the two shareholders, who have become non-resident Indians, would hold such shares on a non-repatriation basis. Besides, the sale of such shares to iGATE Global would mean the sale proceeds will have to be credited in the NRIs' non-resident ordinary accounts in India, the board has said.
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