Stock market disclosures have brought to light two deal-related developments in India. The first being that GMS Holdings has invested in biotech firm Stelis Biopharma, a part of drug firm Strides Shasun, and the other involved US firm GE’s Rs 1,926 crore open offer to acquire stake in Alstom T&D failing to take off.
GMS Holdings invests $8.49m as part of $21.9m funding
GMS Holdings, a holding company of diversified businesses and assets, through its subsidiary GMS Pharma (Singapore) Pte Ltd, has invested $8.49 million in Stelis Biopharma Pvt Ltd, the company said in a stock market filing.
This is the first tranche of GMS’ commitment to invest $21.9 million in the company for a 25.1 percent stake which it had announced in 2014, the filing added.
“We will make the further infusion in tranches based on project and product development needs over a period of two years, said GMS.
Stelis Biopharma develops and manufactures high-quality niche and specialty generics for global markets. Bangalore-headquartered Stelis was earlier known as Agila Biotech Pvt Ltd.
Shares of Strides Shasun closed at Rs 934.75 each, down 1.36 percent on BSE in a weak Mumbai market on Tuesday.
Bangalore-based Strides Arcolab is a global pharma company and publicly traded on the Indian stock exchanges (both BSE and NSE). The company has 12 manufacturing facilities and presence in more than 85 countries in developed and emerging markets.
Based in Jordan, GMS Holdings invests in pharmaceuticals, contracting and contract management, oil & gas, Information and Communications Technologies (ICT), agro-chemicals and real estate sectors.
GE’s open offer to acquire stake in Alstom T&D fails
Us-based General Electric‘s (GE) open offer to acquire 64 million publicly-held shares, has failed due to poor poor response, the company informed to stock market exchange.
The open offer which kicked off on Jan 18 had closed on Feb 15, 2016.
As per a BSE filing, GE has accepted 42,570 equity shares, out of 43,439 shares tendered by shareholders for Rs 128 crore.
The company intended to buy 64 million shares (over 25 percent) for Rs 1,926 crore. Post offer, GE only acquired 0.02 percent stake.
Alstom develops and markets systems,equipment and services for the railway sector. Headquartered in France, the company is present in over 60 countries and employs 32,000 people, according to its website.
Alstom India’s scrip last traded at Rs 577.90 each, down 2.34 percent on BSE in a weak Mumbai market on Tuesday.