Aurobindo Pharma has acquired a 51 per cent stake in GLS Pharma Limited, engaged in the oncology business.
In June, the Board of the Hyderabad-based company approved the stake acquisition in GLS Pharma, operating in oncology with a manufacturing facility in Hyderabad, for ₹28 crore.
“The company has completed the acquisition of 51 per cent of the equity share capital of GLS Pharma Limited on August 17, 2022, and it has now become the subsidiary of the company,’‘ Aurobindo Pharma informed the BSE.
However theacquisition completion got delayed as it was expected to be completed before July 31, 2022.
“The reason for the delay in completion of the transaction is due to delay in fulfilment of one of the conditions precedent to the acquisition, and delay in credit/transfer of the shares from one of the seller’s accounts to the company’s account,’‘ Aurobindo said.