Hester Bio board approves $3 mn investment in African arm

Hester Biosciences today said its board has approved investing USD 3 million (over Rs 19 crore) in the company's wholly-owned subsidiary, Hester Biosciences Africa to ramp up production there.
The company sees a very big potential in Africa for animal vaccines, Hester Biosciences said in a BSE filing.
"The company's board has approved an investment of USD 3 million by way of equity in its wholly-owned subsidiary company - Hester Biosciences Africa Ltd, Tanzania, with an objective to manufacture animal vaccines and health products, to cater to whole African continent", it added.
The amount would be raised through internal accruals of Hester India, Hester Biosciences said.

Shares of Hester Biosciences today closed 1.61 per cent higher at Rs 915.85 per scrip on BSE.