Board of Vivimed approved sale of specialty chemical business

At meeting held on 23 August 2018

The Board of Vivimed Labs at its meeting held on 23 August 2018 transacted the following -

The Board approved the sale/transfer/divestment of entire undertaking relating to the Specialty Chemicals Business, after considering various corporate restructuring options, subject to approval of the shareholders. The Board considered the fact that the Specialty Chemical Business of the Company formed part of its non-core business and its divestment would enable the Company to effectively focus on its Pharmaceutical business which comprises of API/CDMO &FDF which has received significant boost over the last few years. Further, the Board has decided that the divestment of such Speciality Chemical Business shall be made for a consideration not less than Rs 275 crore to Vivimed Specialty Chemicals UK, a company incorporated in United Kingdom or its associates/subsidiaries either in India or overseas jurisdiction, vide such corporate restructuring mechanism including but not limited to, slump sale or/and sale of investments, as shall be appropriate in this case. The consideration as shall be realized by the Company from such proposed transactions shall be substantially utilized in reducing its existing debt at India level.

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