The company made this announcement after market hours on Thursday, 2 February 2012.
Meanwhile, the BSE Sensex was down 36.38 points, or 0.21% to 17,395.47.
On BSE, 6,834 shares were traded in the counter as against average daily volume of 54,181 shares in the past one quarter.
The stock hit a high of Rs 558.80 and a low of Rs 535 so far during the day. The stock had hit a record high of Rs 575 on Thursday, 2 February 2012. The stock had hit a record low of Rs 224 on 27 May 2011.
The small-cap stock had underperformed the market over the past one month till 2 February 2012, rising 9.85% compared with the Sensexs 12.33% return. The scrip had, however, outperformed the market in past one quarter, surging 28.6% as against 0.19% decline in the Sensex.
The company has an equity capital of Rs 12.58 crore. Face value per share is Rs 10.
Aanjaneya Lifecare said it has acquired the assets, businesses, clients, licensees and employees of Apex Drugs and Intermediates (ADIL) and has merged both the companies operations, becoming a fully integrated formulation company. The company will also leverage the strong relations of ADIL developed in Asia, Europe, UAE & Latin America for exports, Aanjaneya Lifecare said in a statement. The acquisition also gives Aanjaneya an entry in Hyderabad market, the company added.
Aanjaneya Lifecare said that the acquisition of Apex Drugs was valued at Rs 250 crore, with debt of Rs 185 crore and equity dilution of Rs 65 crore.
Post acquisition, Aanjaneya Lifecare will have approximate sales of Rs 700 crore with EBITDA of Rs 130 crore and total long term debt in books of about Rs 220 crore against networth of Rs 365 crore (the companys debt to equity ratio would be less than 1), the company said in a statement. In monetary terms, Aanjaneya Lifecare can sell 40% of the active pharmaceutical ingredients (APIs) into formulations and formulation sales would be three times the API sales, the company said.
Commenting on the acquisition, Dr Kannan Vishwanath, Vice Chairman and Managing Director, Aanjaneya Lifecare said, We are very pleased to announce the acquisition of Apex Drugs and Intermediates. It will reduce the companys dependence on third parties for pricing and supply to a large extent. Going further, the company also plans to enter into lifestyle segment. The acquisition will not only strengthen Aanjaneya Lifecares presence in the Hyderabad market but would also expand its stronger growth footprint in their market.
Aanjaneya Lifecares net profit jumped 74.9% to Rs 12.14 crore on 62.5% growth in net sales to Rs 107.58 crore in Q3 December 2011 over Q3 December 2010.
Aanjaneya Lifecare is a vertically integrated pharmaceutical firm with manufacturing and marketing capabilities in active pharmaceutical ingredients with focus on anti-malarial segment and finished dosage forms catering to various therapeutic segments. The company is one of the largest contract manufacturers of codeine based cough syrups in India. The company exclusively manufactures the Codorex Brand of Zydus Cadilla and Codilite Brand of Tablets India amongst others.
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