SMS Lifesciences India said it has completed disinvestment of up to 10% stake of Mahi Drugs and is raising fresh equity in Mahi Drugs, on a private placement basis.
Following the above transaction, Mahi Drugs will cease to be a wholly-owned subsidiary of the company but shall continue as a subsidiary company of the company with 60% equity stake.
The net profit of SMS Lifesciences India declined 13.70% to Rs 2.33 crore in Q3 FY22 over Q3 FY21. Net sales rose 36.79% to Rs 91.06 crore in Q3 FY22 as against Rs 66.57 crore during Q3 FY21.
SMS Lifesciences India is presently engaged in the business of manufacturing, buying, selling, offering consultancy, importing and exporting, acting as commission agents and generally dealing with of all types of organic & inorganic chemicals, pharmaceuticals, active pharmaceutical ingredients (API) and intermediates.
Shares of SMS Lifesciences India lost 0.67% to Rs 641.05 on BSE.
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