Kotak Alternate Asset Managers Limited, formerly known as Kotak Investment Advisors Limited, a wholly-owned subsidiary of Kotak Mahindra Bank, has acquired a significant stake in NKURE Therapeutics Private Limited ("NKURE"). The acquisition, involving the conversion of Compulsorily Convertible Debentures (CCDs) into Compulsorily Convertible Preference Shares (CCPS), amounts to 6.12% of NKURE's paid-up share capital.
About NKURE Therapeutics Private Limited
NKURE Therapeutics Private Limited, established on February 11, 2022, operates as a private limited company under the provisions of the Companies Act, 2013. While it did not generate any revenue in the fiscal year 2023 and has not initiated commercial activities, NKURE focuses on research involving the utilization of cells and their derivatives to develop therapeutic products primarily for the treatment of cancer and related pathologies.
Industry and Objectives of the Acquisition
NKURE operates in the biotechnology sector, concentrating on innovative research for cancer treatment. Kotak Alternate Asset Managers' investment in NKURE aims to support the development of novel therapeutic products specifically designed for addressing cancer-related medical conditions.
The acquisition was facilitated through the conversion of 10,00,000 CCDs into 1,29,870 CCPS at a price of Rs. 77 per CCPS.
Shareholding and Control
Kotak Alternate Asset Managers Limited acquired 1,29,870 CCPS, representing a 6.12% stake in NKURE on a fully diluted basis.