Cadila Healthcare divests 49% stake in Windlas Healthcare

Cadila Healthcare on Thursday announced divestment of 49% stake in Windlas Healthcare for Rs 99.44 crore to Windlas Biotech.

Cadila Healthcare said it has signed a definitive agreement on 30 April 2020 for sale of 2,31,33,717 equity shares of Rs 10 each fully paid‐up, representing 49% of the total paid‐up share capital of Windlas Healthcare (WHPL) to Windlas Biotech (WBPL) for Rs 99.44 crore. The transaction is expected to be completed within ten business days. Following the transaction, Cadila Healthcare will cease to hold any equity shares in WHPL.

Turnover of WHPL for the year ended on 31 March 2019 was Rs 22.40 crore, out of which turnover of Rs 6.1 crore was included in the consolidated turnover, representing 0.05% of the turnover of Cadila Healthcare on a consolidated basis.

WBPL is the promoter company of WHPL. WBPL does not belong to Cadila Healthcare's promoter group. WBPL is engaged in the business of pharmaceuticals.

Shares of Cadila Healthcare were down 0.51% to Rs 324.90 on BSE. The scrip has traded in the range of Rs 321.50 to Rs 332 so far during the day.

On a consolidated basis, the drug maker's net profit tanked 26.54% to Rs 375.18 crore on a 0.52% rise in net sales to Rs 3,534.50 crore in Q3 December 2019 Q3 December 2018.

Cadila Healthcare is a pharmaceutical company based in India.

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