Mumbai-based Camlin Fine Sciences has acquired Tamil Nadu-based AlgalR NutraPharms, the listed company informed the exchange. Through this investment, Camlin Fine Sciences will be expanding its footprint into the nutraceuticals segment.
Camlin Fine Sciences stated, “Upon consummation of the secondary purchase and primary subscription, the company will hold 80 per cent of the paid‐up capital of AlgalR on a fully diluted basis. The company will now be executing the investment agreement, share purchase agreement and the incidental agreements / documents with AlgalR and its promoters / other shareholders.”
The acquisition will be completed in 30 days. The company stated it paid Rs 70 per equity share.
2014-incorporated AlgalR is a manufacturer of Algal Omega‐3 fatty acids, particularly Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA) from microalgae, which are considered 100 per cent vegetarian. Omega‐3 fatty acids play an important role in the human metabolism and have been associated with a number of health benefits.
These products are manufactured in compliance with the set industrial norms, FSSAI, and ISO standards using a patented technology in a state‐of‐the‐art production system located in the Southern part of India.
For FY 2020‐21, the company’s revenue from operations was Rs 59.10 lakh whereas in FY 2019‐20 and FY 2018‐19 it was Rs 55.60 lakh and Rs 4.43 lakh, the company informed the exchange.