STOCKWATCH

Aurobindo Pharma Sells Entire 50% Shares in South African Joint Venture Novagen Pharma

Aurobindo Pharma Ltd. has announced the sale of its entire 50% shares in Novagen Pharma (Pty) Limited, a joint venture company based in South Africa. The sale is being made by Aurogen South Africa (Pty) Ltd., a wholly owned step-down subsidiary of the company. The agreement for the sale has been entered into with Novabee Proprietary Limited. Post-disposal, Aurogen will cease to be a joint venture partner of Novagen. The transaction is not a related party transaction and is expected to be completed by October 4, 2024. The consideration for the sale is ZAR 7 million (INR 33.53 million), with ZAR 5 million (INR 23.95 million) to be paid upfront and the balance of ZAR 2 million (INR 9.58 million) to be paid after 12 months. Novagen Pharma (Pty) Ltd., the pharmaceutical company that is buying the shares, is not a promoter/promoter group/group company of the Company.

• Aurobindo Pharma to sell entire 50% shares in Novagen Pharma, a South African joint venture company.
• The sale will be made by Aurogen South Africa, a wholly owned step-down subsidiary of the company.
• The agreement for the sale has been entered into with Novabee Proprietary Limited.
• The transaction is expected to be completed by October 4, 2024.
• Novagen Pharma (Pty) Ltd., the buying company, is not a promoter/promoter group/group company of the Company.