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.

Indegene Limited , a prominent player in the Indian healthcare technology sector, has announced a significant change in its board composition. Mr. Neeraj Bharadwaj has stepped down from his role as Non-Executive, Non-Independent Director of the company, effective immediately.

Resignation Details

The resignation, disclosed in a regulatory filing to the BSE and NSE, comes in the wake of CA Dawn Investments' exit from Indegene Limited. Mr. Bharadwaj had been representing CA Dawn Investments on the company's board.

In his resignation letter, Mr. Bharadwaj expressed his gratitude to the board and management of Indegene Limited for their support during his tenure. He also conveyed his best wishes for the company's continued success and growth in the future.

Regulatory Compliance

Indegene Limited, in compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, promptly informed the stock exchanges about this development. The company provided the necessary disclosures, including the reason for the change and the effective date of cessation.

Company Response

Srishti Ramesh Kaushik, Company Secretary and Compliance Officer of Indegene Limited, confirmed that the information regarding Mr. Bharadwaj's resignation would be made available on the company's official website.

About Indegene Limited

Indegene Limited is headquartered in Bengaluru, Karnataka. The company operates in the healthcare technology sector, providing a range of services to global healthcare and life sciences organizations.

This board-level change comes at a time when the healthcare technology sector is experiencing rapid growth and transformation. Stakeholders will be keen to observe how this development might influence Indegene's strategic direction in the coming months.