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Jubilant Life Sciences divests 10% in Safe Foods Corp for Rs 134 cr

Jubilant Life Sciences divests 10% in Safe Foods Corp for Rs 134 cr

Jubilant Life Sciences divested its entire stake in Safe Foods Corporation, consisting of 5,40,463 shares

Jubilant Life Sciences divests entire stake in Safe Foods Jubilant Life Sciences divests entire stake in Safe Foods

Jubilant Life Sciences, a wholly-owned subsidiary of Jubilant Ingrevia stated in a filing that it has divested its entire stake in Safe Foods Corporation. The divestment will be undertaken at a consideration of $18.2 million or Rs 134.2 crore.

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Jubilant Life Sciences Pte. Limited, Singapore, a wholly owned subsidiary of the Company has divested its entire 10% stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on 21.09.21 for a consideration of US $18.2 million (approx. Rs 134.2 crore) pursuant to approval of the plan of merger between Safe Foods and Packers Sanitation Services Inc Limited,” stated the company in a filing.

The current book value of Safe Foods Investment, reflected at fair value through Other Comprehensive Income, is $6.5 million or Rs 47.8 crore.

Safe Foods Corporation is a foods safety management company that aims to “reduce food-borne pathogens, meet and exceed regulatory requirements, extend food’s safe shelf-life, and manage food safety costs”.

Jubilant Ingrevia is a global integrated life science products and solutions provider that serves pharmaceutical, nutrition, agrochemical, consumer and industrial customers.

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