Indo-National Limited has informed the Exchange about Acquisition
NIPPOBATRY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Indo-National Limited (NIPPOBATRY) has invested Rs. 80 lakh to acquire an additional 2.69% equity stake in Medcuore Medical Solutions Private Ltd (MMSPL) through cash subscription. Following this investment, Indo-National's total shareholding in MMSPL stands at 57.48%, making it a majority shareholder. The acquisition was done at Rs. 9,187 per share based on a registered valuer's report. MMSPL is engaged in manufacturing and distribution of Air Monitoring Systems and Air Purifiers, incorporated in June 2020. The target company's turnover has been declining over three years: from Rs. 83.5 lakh (FY23) to Rs. 47.7 lakh (FY24) to Rs. 35.4 lakh (FY25). The transaction is not a related party deal and is expected to be completed by FY 2027-28.
This acquisition increases Indo-National's controlling stake in MMSPL to 57.48%, potentially consolidating it as a subsidiary in future. The declining turnover of MMSPL raises concerns about the target's profitability, though the move appears aimed at business diversification into air purification systems.