Nectar Lifesciences Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on August 04, 2025
NECLIFE · price
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Awaiting price reaction for this filing.
Nectar Lifesciences has called an EGM on August 04, 2025, at 10:00 AM at its registered office in Derabassi, Punjab, with a voting cut-off date of July 28, 2025. Three key items will be taken up: (1) appointment of Dr. Surulichamy Senthilkumar as a Director liable to retire by rotation, (2) his appointment as Wholetime Director designated as Director (R&D) for 3 years at a monthly salary of INR 6,00,000 plus perks, and (3) approval to transfer the company's pharma (APIs and formulations) business to Ceph Lifesciences Private Limited on a slump sale (going concern) basis for INR 1,270 crore, as per a Business Transfer Agreement signed on July 07, 2025. The company reported a loss after tax of INR 1,136.81 million in FY25 versus a profit of INR 50.02 million in FY24, and the sale proceeds are intended for debt repayment, new investments, rewarding shareholders and general corporate purposes. Remote e-voting window runs from August 01 to August 03, 2025.
The INR 1,270 crore slump sale is a major event for shareholders — the consideration is significantly larger than the company's recent annual revenue (~INR 1,908 crore in FY25), and the use of proceeds (debt repayment, possible shareholder rewards) could materially impact the stock. Approval requires a special resolution, with public shareholder votes being decisive under SEBI's Reg 37A.