Sai Parenterals acquires 60% stake in Hyderabad-based operating R&D centre

Sai Parenterals has completed the acquisition of 60% equity stake in Prathyak Laboratories, an operating research and development centre at Genome Valley, Hyderabad, for Rs. 15 crore, funded from the unutilised net proceeds of the Company's initial public offering.

Prathyak becomes a direct subsidiary of the Company and has been renamed as Sai Prathyak Laboratories.

The acquisition replaces the greenfield research centre the Company had originally intended to build and for which an allocation had been earmarked in the objects of the issue. The 60% stake has been acquired for Rs. 15 crore.