Singapore-based firm proposes to acquire 25 pc in Welcure Drugs & Pharma

New Delhi, Sep 3 (PTI) Welcure Drugs & Pharmaceuticals Ltd on Wednesday said that Singapore-based Telexcell Trade has offered to acquire up to 25 per cent equity stake in the company at an indicative price of Rs 20 per share.

This strategic investment is aimed at enhancing Welcure’s global footprint, leveraging growing opportunities in emerging markets, the company said in a statement without revealing the actual size of the deal.

"The company executes Letter of Intent (LOI) with Telexcell Trade PTE LTD, Singapore for strategic equity investment. The investor proposes to acquire up to 25 per cent stake at Rs 20 per share, at a premium to market price,” Welcure said in a regulatory filing.

The proposed all-cash investment, estimated to be around Rs 52 crore, is subject to due diligence, execution of definitive agreements and requisite regulatory approvals, according to the company.

The company recently announced plans to invest around Rs 70-80 crore in establishing an agro-pharma research laboratory. The company also proposes to raise up to Rs 80 crore via Qualified Institutional Placement (QIP) to support this initiative and general corporate purposes. PTI MSS MR