The Board considered and aprroved various agendas as per the attachment
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Eiko Lifesciences' board has approved acquiring a 51% stake (71,71,950 shares) in SSM Formulations Private Limited, a pharmaceutical formulations manufacturer, for a cash consideration of Rs. 18 crore. SSM Formulations will become a subsidiary of Eiko, marking a strategic move into pharma formulations to diversify its specialty chemicals, intermediates, and APIs portfolio. The target's turnover has been declining — Rs. 50.82 crore in FY23, Rs. 41.41 crore in FY24, and Rs. 27.65 crore in FY25. Separately, the board approved raising up to Rs. 18.15 crore through the issue of 33 lakh convertible warrants at Rs. 55 each, and up to Rs. 3.71 crore through 6.75 lakh equity shares at Rs. 55 each, both on a preferential basis to promoters, promoter group, and non-promoters. An EGM has been scheduled for January 7, 2026 to seek shareholder approval for these actions.
The acquisition expands Eiko into pharmaceutical manufacturing, though the target's falling turnover raises questions about the Rs. 18 crore valuation. The combined preferential issue of warrants and shares (up to ~39.75 lakh shares) will lead to significant equity dilution for existing shareholders, with promoter Bhavesh Tanna and promoter group entity Lenus Finvest taking the largest share of the allotments.