Board of Max Ventures and Industries approves investment in subsidiary - Max Estates

At meeting held on 26 July 2019

The Board of Max Ventures and Industries at its meeting held on 26 July 2019 has approved further investment / loan in Max Estates ("MEL"), a wholly owned subsidiary of the Company.

MEL shall utilize the aforesaid funds for acquisition of ~85.17% equity share capital of Pharmax Corporation ("Pharmax"), from Max India, another Max Group Company ("Proposed Transaction") for an aggregate consideration of Rs. 61.2 crore (on the basis of the valuation report of an independent valuer), subject to closing adjustments and other terms and conditions of the Share Purchase Agreement ("SPA") to be executed amongst MEL, Max India and Pharmax (collectively referred as "Parties") and receipt of requisite approvals. Consequent to the completion of the acquisition, Pharmax shall become a step down subsidiary of the Company.

Powered by Capital Market - Live News