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The Ministry of Finance clarified on Thursday that the foreign investment proposal of Stericat Gut Strings has been approved only for the acquisition of shares by the foreign investor for a cash consideration. However, the part of the proposal involving acquisition of shares by way of share swap has been rejected.
In a press release yesterday, the Finance Ministry had said that the Foreign Investment Promotion Board (FIPB) had granted approval to Stericat Gut Strings proposal to sell 77.5 per cent stake to Groupe Peters Surgical LLC, 22.5 per cent of which would be via share swap.
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