Companies

Natco Pharma to make Time Cap Overseas a wholly-owned arm

Our Bureau Hyderabad | Updated on September 10, 2020

This will be all-cash transaction

Natco Pharma Ltd will purchase equity shares in Time Cap Overseas Limited, Mauritius, a subsidiary of the company, from the other shareholder Venkatachari Madhusudhan who holds 6.10 per cent shares of the company.

This amounts to 72,710 equity shares of $10 face value amounting to $7,27,100. Following the acquisition, Time Cap Overseas will become a wholly-owned subsidiary of Hyderabad-based Natco Pharma. The transaction will be in cash.

The board had also allotted 1,18,360 equity shares of face value of ₹2 each to eligible employees under the fifth tranche, who had exercised their vested options under the Natco Employee Stock Option Scheme 2015.

These equity shares shall rank pari-passu with the existing equity shares of the company in all respects. In the NATSOP 2015 scheme, the balance of 54,405 equity shares were forfeited. With the above allotment, the NATSOP 2015 scheme has been completed and closed, the company informed the BSE.

Shares of Natco Pharma traded at ₹777.05 at noon, up 2.02 per cent from Wednesday’s closing on the BSE.

Published on September 10, 2020

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