Investment28 Dec 2024, 06:29 pm
Panacea Biotec Invests ~Rs.7.92 Crore in its Wholly Owned Subsidiary Panacea Biotec Inc.
AI Summary
On December 27, 2024, Panacea Biotec Pharma Ltd., a material subsidiary of Panacea Biotec Ltd., made a further investment of US$9,25,000 (~Rs.7.92 Crore) in its wholly owned subsidiary, Panacea Biotec Inc. This investment is in addition to the US$75,000 (~Rs.6.23 million) invested earlier in the common stock of Panacea Biotec Inc. The total investment is for subscription for 9,25,00,000 shares of common stock of Panacea Biotec Inc. at a price of US$ 0.01 per share.
Key Highlights
- Panacea Biotec Pharma Ltd. made a further investment of US$9,25,000 in Panacea Biotec Inc.
- This investment is in addition to the US$75,000 invested earlier in the common stock of Panacea Biotec Inc.
- The total investment is for subscription for 9,25,00,000 shares of common stock of Panacea Biotec Inc. at a price of US$ 0.01 per share.
- Panacea Biotec Inc. is a wholly owned subsidiary of Panacea Biotec Pharma Ltd.
- The investment is to facilitate the capex and working capital requirements of Panacea Biotec Inc.