Srichakra Remedies Ltd (SRL) chief executive, Madan Mohan Reddy, along with his associates, is making an open offer to acquire 20 per cent equity shares of the company.
Reddy, a technocrat originally from SOL Pharma, holds 2,67,400 shares representing 4.05 per cent of SRL's equity. He now wants to consolidate his position in the company by acquiring another 13,20,000 shares.
The offer is likely to open on Nov 25. SRL is part of the Goldstar group of companies. It was originally Goldstar Remedies but the name was then changed to Srichakra.
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A medium-sized bulk drugs outfit, SRL has not been doing very well, largely due to high interest burden and the steep fall in prices of bulk drugs.
However, the plant is stated to be quite modern and with the infusion of fresh capital, here could be a turnaround.