Haryana: Morepen Laboratories Limited has announced that the Board
of Directors of Dr Morepen Limited, a wholly owned subsidiary of the company, has
approved the formation of a new subsidiary company.The proposed entity
will be named ‘QUICK MED PRIVATE LIMITED’ or any other name as approved by the Central
Registration Centre, Ministry of Corporate Affairs.Upon incorporation, the proposed company will become a step-down subsidiary of Morepen
Laboratories Limited. “The date of incorporation will be intimated
in due course,” the Company said in a BSE filing. Dr. Morepen Limited, a wholly
owned subsidiary of Morepen Laboratories
Limited, will be the holding
company, with Morepen Laboratories as the ultimate holding
company of the proposed company under
incorporation.The proposed new company will operate in
the pharmaceutical sector, specializing in
the ‘Online Retail Pharmacy’ business. The objective of incorporation of new
subsidiary is part of the inorganic growth
plans of Dr. Morepen Limited to cater the growing demands
of online pharmacy business. Dr. Morepen Limited will contribute Rs 80,000/- in cash, representing
80% of the initial subscription, through the
acquisition of 8,000 (Eight Thousand)
equity shares at Rs 10/- each in
the share capital of the proposed new
company. The company will indirectly hold 80% of the
shares in the proposed new step down
subsidiary through Dr Morepen Limited.Read also: Morepen Labs receives board approval to raise up to Rs 350 crore