Suven Pharmaceuticals Ltd share Price Today

Suven Pharmaceuticals declares Q3FY22 result:

• The Company is focused on the business of Contract Development and Manufacturing Operations (CDMO).
• The Suven Pharma Inc., the WOS of our Company has divested its entire stake (25% amounting to $35.00 Mn) in M/s Rising Pharma Holdings, Inc., USA on 13th Dec,2021 to Raisin Acquisition Co, Inc., one of the investment arms of H.I.G. Capital, a leading global alternative investment firm in USA through structured deal. As part of the structured deal our WOS, Suven Pharma, Inc., received in the form of cash component of $ 41.555 Mn and a stake valued at $15.803 Mn in Raisin Aggregators L.P. Accordingly, Rising Pharma Holdings, Inc., USA has ceased to be an associate company w.e.f 13th Dec'2021. Hence, the share of profits of associate has not been considered in the consolidated financial statements for the Quarter ended 31st Dec'2021.
• The Board has declared an interim Dividend of Rs.1.00 per equity share (100% of Face value of Rs.1.00 each) and one-time special dividend of Rs. 2.00 per equity share (200% of Face value of Rs.1.00), totaling to Rs. 3.00 per equity share (300% of Face value of Rs. 3.00 each) for the financial year 2021-22.
• The Board in its meeting held on 8th February 2022, has given its in-principle approval to evaluate the acquisition opportunity of Caper Pharma Pvt. Ltd., an SEZ unit in Hyderabad engaged in Formulations. The Company will evaluate the proposal subject to financial, tax and legal due diligence to finalize the definitive agreements.
• The COVID-19 continuous to impact the business and research operations in India and our wholly owned subsidiary, Suven pharma, Inc., USA.

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