Kilpest India spurts as arm signs LoI with Europe-based firm

Kilpest India surged 5.80% to Rs 423.30 after its subsidiary, B BlackBio Biotech India announced the signing of a non-binding Letter of Intent (Lol) to acquire 100% shares of a European based manufacturer of life science products.

The European based company specializes in the development and manufacture of innovative high-quality products for the life science and molecular diagnostic markets.

The company said that this acquisition is a strategic investment in the related field of life science research and molecular diagnostics. It will be funded fully with internal accruals by 3B Blackbio Biotech India and its subsidiary, TRUPCR Europe.

The deal is subject to customary financial, legal and business due diligence, as well as regulatory approvals. An exclusivity period of 60 days has been agreed upon between the parties to complete the due diligence.

As per the non-disclosure agreement signed with the company till the final agreement is concluded post due diligence, the name and other details of this LOI are not being disclosed. As soon as the final binding agreement is executed, all the detailed information about the deal shall be disclosed immediately.

Kilpest India is engaged in the business of Manufacture of pesticides and other agrochemical products.

The company's consolidated net profit jumped 43.4% to Rs 7.37 crore on a 13.7% rise in net sales to Rs 17.31 crore in Q2 FY23 over Q2 FY22.

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