EVOQ Remedies to Acquire Controlling Stakes in Two Firms
In a recent development, EVOQ Remedies Ltd has announced its plans to increase its authorized share capital to ₹42 crore, which will enable the company to issue new shares via preferential issues to acquire significant stakes in two firms. The company will be acquiring controlling stakes in Poshan Nutriwell (71.95%) and Spazio Formulations (50.36%). This move is expected to boost the company’s growth prospects and expand its business scope.
The board of directors of EVOQ Remedies Ltd has approved the proposal to increase the authorized share capital of the company from ₹25 crore to ₹42 crore. This increase in authorized share capital will enable the company to issue new shares to acquire significant stakes in Poshan Nutriwell and Spazio Formulations. The company has disclosed this information to the Securities and Exchange Board of India (SEBI).
Poshan Nutriwell is a company engaged in the business of manufacturing and marketing of food and nutraceutical products, while Spazio Formulations is a company engaged in the business of manufacturing and marketing of pharmaceutical products. By acquiring controlling stakes in these companies, EVOQ Remedies Ltd will be able to expand its product portfolio and increase its revenue streams.
In addition to acquiring controlling stakes in Poshan Nutriwell and Spazio Formulations, the board of directors of EVOQ Remedies Ltd has also approved expanding the company’s business to include agricultural produce and agro-processing. This expansion is subject to shareholder approval and is expected to provide the company with new opportunities for growth.
The decision to expand the company’s business to include agricultural produce and agro-processing is in line with the company’s strategy to diversify its business and reduce its dependence on a single segment. The company has identified the agricultural produce and agro-processing segment as a high-growth segment and believes that it has the potential to provide significant returns.
The acquisition of controlling stakes in Poshan Nutriwell and Spazio Formulations is expected to be a share-swap deal, where EVOQ Remedies Ltd will issue new shares to the promoters of these companies in exchange for their stake. This deal will enable the company to acquire significant stakes in these companies without having to pay a premium.
The acquisition of controlling stakes in Poshan Nutriwell and Spazio Formulations is expected to provide EVOQ Remedies Ltd with a significant boost to its growth prospects. The company will be able to leverage the strengths of these companies to expand its product portfolio and increase its revenue streams. The acquisition will also provide the company with access to new markets and customers, which will help to increase its visibility and reputation in the industry.
In conclusion, the acquisition of controlling stakes in Poshan Nutriwell and Spazio Formulations by EVOQ Remedies Ltd is a significant development that is expected to provide the company with a significant boost to its growth prospects. The company’s decision to expand its business to include agricultural produce and agro-processing is also expected to provide new opportunities for growth. The development is a testament to the company’s strategy to diversify its business and reduce its dependence on a single segment.
