Indegene Limited Discloses Inadvertent Omission in Spanish Subsidiary Acquisition
Indegene Limited has provided additional details about its acquisition of Climacreative Spain S.L.U, a shelf company, through its wholly-owned subsidiary Indegene Ireland Limited. The acquisition, completed on November 19, 2024, for €5,500, was aimed at establishing a presence in Spain. The company acknowledged an inadvertent delay in disclosing this information and emphasized that the acquired entity had no prior business operations or turnover. The Spanish subsidiary has since been renamed Indegene Spain S.L.U.
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Indegene Limited has recently clarified an oversight in its regulatory disclosures regarding the acquisition of a Spanish subsidiary. The company, which specializes in healthcare technology solutions, has provided additional details about the transaction in response to inquiries from stock exchanges.
Acquisition Details
Indegene Ireland Limited, a wholly-owned subsidiary of Indegene Limited, acquired Climacreative Spain S.L.U on November 19, 2024. The acquisition was made to establish a presence in Spain through a ready-made entity, commonly known as a 'shelf company.' Indegene paid €5,500 (equivalent to ₹485,136.30) for 100% shareholding of the Spanish entity.
Key Points of the Disclosure
- Acquisition Purpose: The primary objective was to obtain a pre-registered company to facilitate Indegene's expansion into the Spanish market.
- Entity Status: At the time of acquisition, Climacreative Spain S.L.U had no turnover or business operations.
- Transaction Classification: The company emphasized that this acquisition does not qualify as a material transaction and was not a related party transaction.
- Regulatory Compliance: The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company's Statement
In its communication to the stock exchanges, Indegene acknowledged the inadvertent omission in disclosing the acquisition earlier. The company stated, "The omission was purely unintentional. The Company remains committed to maintaining the highest standards of corporate governance and strives to ensure full compliance with all regulatory requirements."
Additional Information
Following the acquisition, the Spanish entity's name was changed to Indegene Spain S.L.U. The company was incorporated in Spain on July 29, 2024, just a few months before Indegene's acquisition.
Indegene's proactive disclosure and clarification demonstrate its commitment to transparency and regulatory compliance. As the company continues its expansion in Europe, this strategic move to establish a presence in Spain could potentially open new opportunities in the region's healthcare technology market.
Investors and stakeholders will likely keep a close eye on how Indegene leverages this new Spanish entity to further its business objectives in the European market.
Historical Stock Returns for Indegene
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.25% | -2.82% | +3.82% | +5.54% | -0.79% | +0.09% |
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