Nihar Info Global Limited, a BSE-listed e-commerce company, has announced that it is going to acquire a majority stake (51 per cent) or more of the equity stake in healthcare startup firm Life 108 Healthcare Private Limited.
The company’s board of directors approved the plan to acquire the stake in Life108 on Tuesday.
The two-year-old target company deals in various products related to healthcare and lifestyle. The company sells its products through retail, wholesale, and business-to-business e-commerce channels.
“It is planning to enter into manufacturing of health supplements like nutraceuticals under the brand ‘Life108’,” a Nihar Info Global said in a statement on Tuesday.
Nihar Info Global’s shares touched the upper circuit of ₹8.76 on Tuesday, up by 20 per cent over its previous close.
Related party transaction
“The said acquisition will be a related-party transaction. Divyesh Nihar Boda, a promoter and anaging Director of Nihar Info Global Limited is a Director and shareholder in Life 108 Healthcare Private. It is done at an ‘arm’s length’,” the statement said.
The company registered a turnover of ₹5.30 crore in 2022-23.