SeQuent Scientific announced that it has accepted the offer from Arun Kumar’s Family Office (part of the existing promoters of SeQuent) to purchase 3.31 million shares of Strides Pharma Science held by the Company for an aggregate consideration of Rs 1,573 million subject to receiving the approval of the shareholders of the Company.
In a stock-exchange filing, SeQuent informed that it will sell its shares in Strides Pharma at Rs 475 apiece. Since the proposed sale is material, the Company will be seeking the approval of shareholders through a postal ballot shortly.
The proceeds from the transaction will be used to consolidate the minority interest in Turkey, which is one of the strategic markets for SeQuent and pare debt. The transactions will be subject to the approval of the shareholders of the company.