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Elder Pharma to take stake in NeutraHealth
Staff Correspondent
MUMBAI: Elder Pharmaceuticals has conditionally agreed to acquire a 20 per cent stake in London-based NeutraHealth plc by way of a subscription for shares worth about Rs. 47 crore.
This is the company’s first investment in the European markets.
According to a company statement, the acquisition offers Elder a platform for rolling out its products through all its key channels to the European nutraceutical market. Jagdish Saxena, a director of Elder, will be appointed as a director of NeutraHealth. The proposals are contingent upon the existing shareholders of NeutraHealth giving their approval in a general meeting, expected to be held in August.
NeutraHealth has a turnover of 23 million pound sterling and a market capitalisation of about 16.8 million pound sterling.
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