Laurus Labs an Indian multinational pharmaceutical and biotechnology company based in Hyderabad, is set to acquire a 26% stake in the Delhi-based Ethan Energy. The pharmaceutical manufacturer disclosed on 24th November that it will buy a 26% stake in the solar charger manufacturer Ethan Energy India Pvt Ltd at a price of ₹ 52.70 per share. The total buyout volume by Laurus Labs is 7,40,000 shares.
Laurus Labs disclosed in its regulatory filings that this stake purchase will enable, it to consume 100 percent of Ethan Energy’s 10 MW solar energy plant. The Hyderabad-headquartered pharma major posted an impressive year-on-year (YoY) rise of 14% in its consolidated net profit at ₹233 crores in the quarter that ended 30th September 2022. Laurus Labs had posted a consolidated net profit of ₹ 204 crores in the same period the previous year. Its operations revenue surged steadily from ₹ 1,203 crores last year in the second quarter, to ₹1,576 crores as of 30th September 2022.
Laurus Labs has manufacturing plants in Bengaluru, Hyderabad, and Vishakhapatnam. The state-of-the-art manufacturing facilities have been approved and certified by BfArM, KFDA, PMDA, USFDA, and WHO. The primary focus segments include custom synthesis, generic formulations, key pharmaceutical ingredients, and biotechnology. The company develops innovative medicines that greatly improve the health of patients in various categories through its unremitting focus on affordability and quality. Laurus Labs works with leading generic pharmaceutical organizations worldwide, offering its APIs in 56 countries.
Its focus areas include oncology, Hepatitis C, and anti-retroviral drugs. Valuing consistent innovation as the lifeblood of its business, the Laurus Labs management undertakes dedicated efforts in research and development in the areas of significant growth potential. The company has acquired 184 patents from the 322 patents it has filed to date. The organization has commercialized more than 60 products since its establishment in 2005, across the three business units of Generics FDF, Synthesis, and Generics API respectively.
Ethan Energy was established as a sole proprietorship firm in the year 2016 in Delhi (India), today is a renowned manufacturer of a premium quality range of PWM (Pulse-Width Modulation) solar charge controllers, solar charge controllers, MPPT (Maximum Power-Point Tracking) solar charge controller, solar management unit, solar home lite, solar lanterns, solar street lighting, etc. Ethan offers these products at reasonable prices and delivers these within the assured time frame. Ethan has achieved its upper hand in the market due to its numerous prominent facets of advanced infrastructure base, experienced and skilled workforce, superior quality products, ethical business policies, competitive pricing structure, wide distribution network, and timely deliveries.
Laurus Labs stocks surged by 1.03% to ₹ 454 as the pharma major declared its decision on purchasing a 26% stake in Ethan Energy India at ₹ 52.70 each share. This acquisition is equivalent to 26% of the paid-up share capital of Ethan Energy India Private Limited. The total agreed amount is ₹ 3.16 crores.
Laurus Labs gained 2.31 percent to hit a high of ₹ 459.75 on BSE. This company entered into a share subscription agreement and shareholders’ agreement with Ethan Energy India for subscribing 7,40,000 shares at a premium of ₹ 42.70, which is equivalent to 26 percent of the paid-up capital of Ethan Energy India. This will enable the company to consume 100 percent of the solar energy to be supplied by Ethan Energy India from their 10 MW Solar Energy plant.
In the early morning, Laurus Labs was trading at ₹ 454.70 up by 1.19% from its previous closing of ₹ 449.35 on the BSE, finally at ₹ 452.15
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