Meanwhile, benchmark indices Sensex and Nifty fell in early trade on Wednesday as foreign fund outflows and concerns over the steep hike in US H-1B visa fees continue to dent investors’ sentiment.
Bartronics India Limited, an IT services and business solutions provider, has announced that it has entered into a Memorandum of Understanding (MoU) with Huwel Lifesciences Private Limited for a strategic collaboration and equity investment. As per the information shared with exchanges, the purpose is to record the mutual intent of the Parties for a strategic collaboration and equity investment. In accordance with the MoU, the company will invest a total of Rs 50 crore in Huwel, which will be paid in multiple tranches.
This investment will give Bartronics a 15 per cent equity stake in Huwel on a fully diluted basis.
The strategic collaboration contemplates:
- Joint business development, technology enablement, procurement support, and digital outreach by BIL
- Collaboration for research, product development, launch of new healthcare products, and expansion into domestic
- and global markets
- Establishment of a long-term strategic partnership aimed at assured business flows, innovation, product diversification, and growth in domestic and global healthcare markets
Moreover, as part of the agreement, Bartronics will have the right to nominate one director to Huwel’s Board. Additionally, the company will receive Right of First Refusal (ROFR) on the transfer of promoter shares, as well as Tag-Along rights if promoters sell their shares to a third party. The agreement also includes a call option, giving Bartronics the right to acquire an additional 15 per cent equity within 12 months at a pre-agreed valuation.
Stock Market Today
Meanwhile, benchmark indices Sensex and Nifty fell in early trade on Wednesday as foreign fund outflows and concerns over the steep hike in US H-1B visa fees continue to dent investors’ sentiment.
Meanwhile, the stock opened in the green at Rs 15.20, up from its previous close of Rs 15.18. It gained further to touch the high of Rs 15.33. However, the stock fell amid profit booking and touched a low of Rs 14.75 on the BSE.
