Panacea Biotec announces investment in Panacea Biotec Inc.

Panacea Biotec announced that the company's material subsidiary, Panacea Biotec Pharma (PBCL) has made further investment of US$ 9,25,000 (~Rs.7.92 crore) in its wholly owned subsidiary, Panacea Biotec Inc. (PB Inc.) subscription for 9,25,00,000 shares of common stock of PB Inc. at a price of US$ 0.01 per share.

Panacea Biotec Inc. being a step-down subsidiary of the company.

The investment made by PBPL in WOS is to facilitate the capex and working capital requirements of PB Inc. and is in furtherance of its business. The business of the WOS is in line with the business activities of the Company and PBPL.

 

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