Sequent Scientific rose 1.23% to Rs 147.95 after the pharmaceutical company completed the sale of investments held in Strides Pharma Science on Friday, 25 September 2020.
The proceeds of the sale (net of taxes) will be predominantly utilised to consolidate the company's shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey (Provet) by acquiring 40% stake held by Dr. Husein Aydin in Provet, with the balance to be used to pare the outstanding debt of the company, Sequent Scientific said. The announcement was made after market hours on Friday, 25 September 2020.
Post the acquisition of minority stake, which is expected to close on or before October 31, 2020, Provet will become a wholly owned subsidiary of the company.
On 12 August 2020, Sequent Scientific had proposed the sale of investments held by the company in Strides Pharma Science to Pronomz Ventures LLP.
On 22 September 2020, Sequent Scientific entered into definitive agreement with Dr Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17.10 million.
Sequent Scientific is the largest Indian pure-play animal healthcare company with global operations. Sequent provides animal health Active Pharmaceutical Ingredients (API), formulations, and analytical services in over 100 countries, with more than 1,700 employees and manufacturing operations in India, Spain, Turkey, Germany and Brazil.
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