Ganesha Ecosphere Allotted 4,55,000 Equity Shares by Race Eco Chain Limited

Key Takeaways from the Announcement 

• Ganesha Ecosphere Limited has received 455,000 equity shares from Race Eco Chain Limited.
• This acquisition is part of GESL’s strategy to enhance its raw material supply chain, particularly focusing on plastic waste management.
• After this allotment, GESL holds a 2.64% shareholding in Race Eco Chain Limited.

Ganesha Ecosphere Limited (GESL) has announced the allotment of 455,000 equity shares of ₹10 each from Race Eco Chain Limited on a preferential basis, as disclosed in a communication sent to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 26, 2024. This acquisition aligns with GESL's strategy to enhance its raw material supply chain, specifically in plastic waste management.

Gesl received the shares for an issue price of ₹352 per equity share valued at ₹16.01 crore. After the transactions, GESL owns a 2.64% shareholding interest in RACE. As this acquisition does not breach any existing regulations, no external approvals are required. The agreement transpired per arm's length, nor was there any non-arms length associated party transactions.

Race Eco Chain Limited, incorporated on November 22, 1999, operates in the plastic waste management industry and is listed on both the BSE and NSE. As per its audited financial statements for the year ending March 31, 2024, RACE reported revenue from operations of ₹338.50 crore and a net worth of ₹22.22 crore. 

About Ganesha Ecosphere Limited

Ganesha Ecosphere Ltd. is a leading entity of PET waste recycling in India, with its focus on manufacturing Recycled Polyester Staple Fibre (RPSF), spun and dyed texturized yarns. Ganesha Eco was founded as Ganesh Polytex Ltd in 1987 and adopted its name to Ganesha Ecosphere Ltd in October, 2011.

Key Takeaways from Alembic Pharma USFDA Nod for Paliperidone Extended-Release Tablets:

• Alembic Pharma has received final approval from the US FDA for Paliperidone Extended-Release Tablets.
• The approved tablets come in 1.5 mg, 3 mg, 6 mg, and 9 mg dosages.
• The approval pertains to an Abbreviated New Drug Application (ANDA) that is therapeutically equivalent to Janssen Pharmaceuticals' Invega Extended-Release Tablets.
• The estimated market for these tablets is approximately $48 million for the year ending June 2024.

Paliperidone is an atypical antipsychotic medication used to treat schizophrenia and schizoaffective disorder. The market for these tablets is estimated to be around $48 million for the year ending June 2024.

This approval is for an Abbreviated New Drug Application (ANDA) that is considered therapeutically equivalent to the reference drug, Invega Extended-Release Tablets, produced by Janssen Pharmaceuticals.

With this latest approval, Alembic now has a total of 215 ANDA approvals from the USFDA, including 187 final approvals and 28 tentative approvals. 

About Alembic Pharmaceuticals Limited:

Alembic Pharmaceuticals Limited is a pharmaceutical company focused on research and development, with a history dating back to 1907. Based in India, Alembic is publicly traded and produces a wide range of generic medications that are sold globally. Their advanced research and manufacturing facilities meet the standards of several regulatory bodies, including the US FDA. Alembic is a leading player in the branded generics market in India, with a marketing team of over 5,000 people who help promote their well-known brands to doctors and patients.

Key Takeaways from the Announcement

• Purvah Green Power Private Limited established a wholly-owned subsidiary named KUS Renewable Private Limited (KRPL) on September 26, 2024.
• KRPL will explore opportunities in the renewable power sector.
• KRPL is fully owned by Purvah Green Power, with 100% of its shareholding held by the parent company.

As per the stock exchange filing, the new subsidiary, KRPL, is fully owned by Purvah Green Power, meaning 100% of its shareholding is held by Purvah. The paid-up capital of KRPL is ₹1,00,000, and no governmental or regulatory approvals were required for its establishment. Since KRPL is a newly formed entity, the question of acquisition and its completion does not arise.

The creation of KRPL fits with the strategic priorities of Purvah Green Power to support its pursuit of renewable energy opportunities in various of its business lines and to advance the company's overall strategies for all things related to renewables.

About CESC Limited

CESC Ltd., a company in the RP-Sanjiv Goenka Group, was established as the 1st private utility in the country to be involved in power generation, transmission, and distribution, and continues to operate generating electricity for distribution to key markets in West Bengal (Kolkata, Hooghly, Howrah, North and South 24 Parganas)—approximately 3.4 million customers for residential, industrial, and commercial markets. The company is responsible for the execution and management of power generation facilities through subsidiaries in other regions within India while also being responsible for distribution operations in those regions.

Key Takeaways from SeQuent Scientific and Viyash Lifesciences Merger:

• SeQuent Scientific merges with Viyash Lifesciences on September 26.
• The merger strengthens the R&D and manufacturing capacities of both companies.
• The new entity will operate in over 150 countries with 16 advanced manufacturing facilities.
• Viyash shareholders will receive 56 shares of SeQuent for every 100 shares they hold.
• The entity will have five times more R&D talent and nine times more USFDA-approved manufacturing facilities.

The merger will combine SeQuent's and Viyash's strengths, enhancing their research and development (R&D) capabilities and manufacturing capacities. The new entity will operate in over 150 countries and will have 16 state-of-the-art manufacturing facilities, significantly increasing its market reach.

Under the merger plan, Viyash shareholders will receive shares of SeQuent at a ratio of 56 shares for every 100 shares they hold. The combined company will have 5x more research and development talent and 9x more manufacturing facilities approved by the USFDA. 

Commenting on the proposed merger, Rajaram Narayanan, Managing Director and CEO of SeQuent said,  “We believe that in order to continue to deliver differentiated value to our customers in times to come, it is imperative to scale up our product development and R&D capabilities to capture the market opportunity we are seeing and to build on our leadership in the Animal health market. …Together, we will turbocharge our growth engines including capturing the market opportunity in the overall global pharma markets enabled by Viyash’s capabilities.” 

Commenting on the proposed merger, Haribabu Bodepudi, Chairman and CEO, Viyash, said, “With our combined resources, R&D capabilities, manufacturing capacities, and streamlined supply chain, we are well-positioned to accelerate growth and offer a wider range of high-quality products to our customers.”

About SeQuent Scientific Limited: 

SeQuent Scientific Limited is based in India and works in the global animal health market. The company has seven manufacturing facilities located in India, Spain, Brazil, and Turkey, all approved by major international regulatory agencies like the US FDA and WHO. SeQuent produces active pharmaceutical ingredients (APIs) and animal health products for over 100 countries and employs more than 1,500 people.

About Viyash Lifesciences Limited: 

Viyash Lifesciences is a complete pharmaceutical company that focuses on niche formulations, APIs, and advanced intermediates. It has a research and development team of over 200 scientists and operates 9 USFDA-approved plants, demonstrating its strong capabilities in R&D and manufacturing. Viyash serves customers in more than 150 countries.