Brooks Labs sells 16.33 percent stake in Brooks Steriscience for Rs 106.33 crore

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AI summary

Brooks Laboratories board approved selling 51,220 equity shares (16.33 percent) in Brooks Steriscience Limited to Steriscience Specialties Private Limited at Rs 20,760 per share, aggregating to about Rs 106.33 crore. The sale reduces Brooks Labs stake in Brooks Steriscience from 49 percent to 32.67 percent. The company stated this is a partial monetization and not a complete divestment. Proceeds will be deployed for growth, expansion, capacity enhancement and general corporate purposes. The transaction is not a related party deal.

Likely market impact

Partial stake sale brings in about Rs 106.33 crore cash for growth and expansion. Not a full exit, company retains 32.67 percent in Brooks Steriscience.