Shilpa Medicare to Sell 31% Stake in Sravathi Advance Process Technologies for INR 49.6 Crores

Shilpa Medicare Limited has entered into a Share Purchase Agreement and Shareholder’s Agreement with Ash Ingredients Inc. & Varcatalyst LLP to sell 31% of its stake in Sravathi Advance Process Technologies Pvt Ltd. The deal is valued at INR 49.6 crores, subject to customary closing conditions. This agreement will supersede the existing Joint Venture agreement between Shilpa, Technocrats & Sravathi dated 07 June 2019. Ash Ingredients Inc. & Varcatalyst LLP will also have the right to appoint a Director each on the Board of Sravathi.