Sequent Scientific Limited cancelled the acquisition of Tineta Pharma Private Limited from group of shareholders.
March 07, 2023
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Sequent Scientific Limited (BSE:512529) agreed to acquire Tineta Pharma Private Limited from group of shareholders for INR 2.18 billion on November 7, 2022. The shareholders include Vipin V Chandan, Anjula V Chandan, Vipin Chandan HUF,Shreekant Inamdar, Neela S Inamdar, Shreekant Inamdar HUF, Pradeep V Verma, Nandini Verma and Pradeep Verma HUF. The consideration will be paid partly by cash consideration of INR 1.53 billion and partly by issuance of equity shares of the Company through preferential allotment route. Consequent to acquisition, Tineta will become a wholly owned subsidiary of SeQuent Scientific Ltd. Tineta Pharma Private Limited reported turnover of INR 810.4 million in FY 2021-22. Post the transaction closing Vipin Chandan will work with SeQuent team to transition and support the business integration. The transaction is expected to complete on Q4FY 2022-23. KFin Technologies Limited acted as transfer agent and National Securities Depository Limited acted as depository bank for Sequent Scientific Limited.
Sequent Scientific Limited (BSE:512529) cancelled the acquisition of Tineta Pharma Private Limited from group of shareholders on March 8, 2023.
SeQuent Scientific Limited is an India-based animal health company. The Company provides a wide range of animal health products, including finished dose formulations, active pharmaceutical ingredients (APIs), as well as analytical services. The Company operates through the pharmaceuticals segment. The Company is focused on various therapies, such as targeted are anthelmintics (endo and ecto parasiticides), anti-protozoals, nutraceuticals, nonsteroidal anti-inflammatory drugs (NSAIDs), anti-infectives and dermatology. It is specialized in analytical and bio analytical services to support the API, pharmaceutical, personal care and nutraceutical companies. It provides analytical solutions, including method validation, stability, microbiology for APIs and finished products in a variety of dosage forms as per pharmacopoeia monographs, customer developed methods or in-house method development. Its subsidiaries include Alivira Animal Health Limited and SeQuent Research Limited.