Deals5 Oct 2024, 01:37 pm
Aurobindo Pharma Sells Entire 24.5% Stake in South African Joint Venture Novagen BBBEE Invest Co
AI Summary
Aurobindo Pharma Ltd. has announced the sale of its entire 24.5% stake in Novagen BBBEE Invest Co (Pty) Limited, a joint venture of its step-down subsidiary, Autogen South Africa (Pty) Ltd. The sale is agreed with Rene Glyne Family Trust for a consideration of ZAR 245 (INR 1200). Post-disposal, Aurobindo will cease to be a joint venture partner in Novagen. The transaction is not a related party transaction and is expected to be completed by October 4, 2024.
Key Highlights
- Aurobindo Pharma selling its entire 24.5% stake in Novagen BBBEE Invest Co (Pty) Limited
- Transaction agreed with Rene Glyne Family Trust for a consideration of ZAR 245 (INR 1200)
- Post-disposal, Aurobindo will cease to be a joint venture partner in Novagen
- Transaction not categorized as a related party transaction
- Expected completion date of the sale: October 4, 2024