Genpharmasec Limited (BSE:531592) signed a share purchase agreement to acquire an unknown stake in Derren Healthcare Private Limited from the existing shareholder for approximately INR 130 million on September 19, 2023. In a related transaction, Genpharmasec signed a share subscription cum shareholder?s agreement to subscribe stake in Derren Healthcare over a period of 1 year in phased manner. Consequenlly, Genpharmasec shall own 70% of the stake of Derren Healthcare.

Derren Healthcare reported turnover of INR 7.2 million for the year ended March 31, 2023. As on April 4, 2024, Genpharmasec announced that as per the announcement made on March 11, 2024, the balance amount to acquire 70% stake in Darren Healthcare Pvt Limited, however this alone shall not be construed as completion of acquisition. Acquisition shall be considered as complete only once the other terms mentioned in agreement are fulfilled.

Genpharmasec will inform the stock exchange once the acquisition is completed. The transaction is expected to complete within one year.