Kilitch Drugs Sells Ethiopia Subsidiary for USD 12.85M
Kilitch Drugs India Ltd announced a significant divestment of its entire stake in its material subsidiary, Kilitch Estro Biotech PLC (KEB), located in Ethiopia. The sale is to HarmeeCare Pharmaceuticals for an aggregate consideration of USD 14,000,000, with Kilitch Drugs India Ltd receiving USD 12,855,000. Concurrently, the company will convert outstanding debt of INR 57.00 Crores extended to KEB into equity shares prior to the divestment. The Board also approved the appointment of two Additional Independent Non-Executive Directors, Dr. Milind Kishor Madhani and Mr. Gautam Rajan, for a period of 5 years, subject to member approval at an upcoming EGM. An EGM is scheduled for October 16, 2026, to approve these changes.
Key Highlights
- Divestment of entire stake in material subsidiary Kilitch Estro Biotech PLC.
- Sale consideration for the subsidiary is USD 12,855,000.
- Outstanding debt of INR 57.00 Crores to be converted into equity.
- Appointment of two new independent non-executive directors approved.
- Extraordinary General Meeting scheduled for October 16, 2026.
Price Impact
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