Tavexia Lifecare Limited board approved the acquisition of up to 60% equity share capital in Meyonex Pharmaceuticals Limited for ₹67.19 crore. The transaction, executed through the subscription of fresh equity shares, aims to expand the company's presence in the pharmaceutical sector.

The board meeting held on October 7, 2026, reviewed and approved the valuation and due diligence reports for the target entity. Meyonex Pharmaceuticals is an unlisted public company incorporated in India. The acquisition involves subscribing to 2,09,97,180 fresh equity shares at an issue price of ₹32 per share.

Transaction Structure and Consideration

The proposed investment will be made entirely in cash mode. Upon completion of the fresh issue and allotment, Tavexia Lifecare will hold a controlling stake of 60%, while existing shareholders will retain the remaining 40%. The total post-allotment paid-up equity share capital of Meyonex will stand at 3,49,95,300 shares.

The consideration of ₹67,19,09,760 is subject to the execution of definitive agreements and fulfillment of applicable statutory and regulatory conditions. The transaction may be completed in one or more tranches.

Financing Arrangements

To finance the acquisition, the board approved in principle that the company may raise funds through various instruments, including equity shares, warrants, debentures, or debt securities. These funds can be raised on a preferential or rights issue basis, subject to subsequent board determinations regarding quantum, size, and timing based on market conditions.

What the Numbers Show

Meyonex Pharmaceuticals reported a turnover of ₹13.32 crore in FY24 and ₹10.79 crore in FY25, indicating a decline in revenue over the last reported financial year. Despite this contraction, Tavexia Lifecare has valued the 60% stake at ₹67.19 crore, implying a significant premium relative to the target's recent top-line performance. The deal structure relies on fresh capital infusion into Meyonex rather than purchasing existing shares, which will dilute current shareholders' percentage holding while providing liquidity to the target entity for operational expansion.

The acquisition is not related to promoter group companies and does not constitute a slump sale. Regulatory approvals remain pending as the company proceeds with definitive documentation.

Tavexia Lifecare Limited held its 46th Annual General Meeting on September 30, 2026, passing all four proposed resolutions. The meeting was conducted via video conferencing and other audio-visual means, in compliance with SEBI regulations.

Key Resolutions Passed

The shareholders approved the adoption of audited standalone and consolidated financial statements for FY26. They also appointed statutory auditors to fill a casual vacancy caused by the resignation of previous auditors. A special resolution was passed to approve material related party transactions up to ₹100 crore. Additionally, Mrs. Khushboo Vasudev was re-appointed as an independent director for a second five-year term starting December 31, 2026.

Voting Results Summary

The voting process utilized remote e-voting and electronic voting during the meeting. The results for each resolution are detailed below:

What the Numbers Show

A notable procedural detail emerged during the voting on Resolution 3, which concerned material related party transactions. One promoter shareholder, being an interested party, cast 15,460,794 votes. These votes were declared invalid and excluded from the count, as per regulatory norms requiring interested parties to abstain from voting on related party transactions. Despite this exclusion, the resolution passed with overwhelming support from non-promoter shareholders.

Attendance and Participation

A total of 57 members attended the virtual meeting. Of these, 19 members had already exercised their voting rights through remote e-voting prior to the meeting. No members cast votes through the electronic facility during the live meeting itself. The remaining 38 attendees did not exercise their voting rights. Overall, 100 members participated in the voting process via remote e-voting.