Tube Investments of India Ltd, along with investment firm Premji Invest, has entered into an agreement with the shareholders of Lotus Surgicals Pvt Ltd to acquire the company, Tube Investments said in an exchange filing.
According to the terms of the agreement, Premji Invest would purchase 33% of Lotus Surgicals' equity shares, while Tube Investments will purchase 67% of them for a total price of about 2.33 billion rupees.
The cash-only transaction is anticipated to close by April 30, according to the business. After the deal is finalized, Tube Investments and Premji Invest will form a joint venture to operate Lotus Surgicals.
Lotus Surgicals is engaged in the business of manufacturing and supply of medical and surgical consumables.
According to the firm, the acquisition of the business will enable Tube Investment to launch a new business venture as part of its long-term growth strategy.
On Friday, shares of Tube Investments closed 2.9% higher at 2,551.40 rupees on the National Stock Exchange.
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