Announcement under Regulation 30 (LODR) - Meeting updates
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Medico Intercontinental Ltd's board has approved investing approximately ₹5.93 crores into Calborn Lifescience Private Limited, a pharma company manufacturing drugs, pharmaceuticals and intermediates. The investment will be made upfront or in tranches within 3 months, at ₹130 per share (including a ₹120 premium). Medico will acquire 19,78,072 shares, giving it a 51% stake, after which Calborn will become a subsidiary. The purchase price was determined by an independent IBBI-registered valuer. Calborn reported turnover of ~₹1.30 crores in FY24 and ~₹4.41 crores in FY25. Consideration will be paid in cash through banking channels.
This marks Medico's expansion into the pharmaceutical manufacturing space, aligning with its stated interest in pharma and allied sectors. For shareholders, the deal diversifies the company's business but Calborn's small revenue base means the immediate financial contribution will be limited. Investors should watch for subsidiary consolidation updates and any future capital calls.