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Vivimed Labs Ltd plans to divest part of its specialty chemicals business to a strategic investor or special purpose vehicle of the company or third party on slump sale basis for a consideration of not less than ₹380 crore.
The board of directors of the company, at its meeting held on Saturday, approved a proposal in the regard.
The objective behind the move was “to optimise the capital structure of the company and prepare for next leg of growth across its business units and post an ongoing review of the strategic options,’’ the Hyderabad-based company informed the Bombay Stock Exchange. The approval of the members will be taken through postal ballot.
The ₹1,386-crore company posted ₹96-crore revenue from the specialty chemicals in the first quarter ended June 30, 2015 compared with ₹88.6 crore, registering a growth of 8.1 per cent out of total revenue of ₹236 crore.
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