Dalal Street Investment Journal - July 09, 2019

30 DALAL STREET INVESTMENT JOURNAL I JULY 8 - 21, 2019 DSIJ.in^

Trackpad

Strides Pharma Facility Receives USFDA Warning Letter

S

trides Pharma has received a warning letter from USFDA for its Puducherry

facility. The United States Food and Drug Administration (USFDA) previously

had classified the company’s Puducherry facility as Official Action Indicated

(OAI). Relating to this, as further development, the company clarified of receiving a

warning letter from the USFDA for the same facility. According to the press release,

six Abbreviated New Drug Application (ANDA) being produced at the site won’t have

an impact but other 10 ANDAs which are pending approval will be deferred till the

site gets reclassified. An ANDA contains data which are submitted to the USFDA for

review and seek approval of manufacturing a generic drug product.

Strides Pharma Science Limited is a pharmaceutical company headquartered in

Bangalore, India. The company develops, manufactures and markets pharma

products for regulated and emerging markets. It has four USFDA approved facilities

and two facilities for emerging markets. The company also has an in-house research

and development infrastructure in India.

Rallis India: Pollution Regulator Suspends Operation At

Dahej Plant

R

allis India has received a communication from the Gujarat Pollution Control

Board (GPCB) directing the company to suspend its operations at one of its

units in Dahej, Gujarat. The suspension came following an incident which took

place while dechoking a blocked discharge line of the Agitated Thin Film Dryer

(ATFD) unit of the effluent treatment plant.

The company informed the bourses that there was no environmental and material

impact to the plant, but unfortunately, it resulted in a hot liquid bum injury to two

workmen. The company said that it is taking necessary steps to restore the said unit's

operations at the earliest. Rallis ensured that it does not expect any adverse impact on

the business as it is holding adequate stocks of finished goods in its inventory.

Sadbhav Infrastructure To Monetise Its Assets

S

adbhav Infrastructure Project Limited (SIPL), subsidiary of Sadbhav Engineering,

has entered into a definitive agreement with IndInfravitTrust for sale of the entire

shareholding of SIPL in nine operational road projects at an enterprise value of

6,610 crore. Upon completion of the transaction, the company will receive1,900 cash

and 10 per cent of IndInfravit units aggregating to an equity value of `2,550 crore against

equity investment of `1,500 crore. The company's Roads Portfolio consists of seven toll

roads and two annuity roads, with total 2,619 lane kms in Gujarat, Karnataka,

Maharashtra, Rajasthan and Telangana, some of India’s most economically vibrant states.

The company further informed that the divestment of these nine assets will result in

de-consolidation of net debt of ` 4,060 crore for Sadbhav Infra. Notably, the assets are

valued at a strong 2,550 crore as against equity investment of1,500 crore. The company

will continue to do routine and major maintenance (`4,000 crore contracts for remaining

concession period) and will get Project Management fees linked to toll collections for 9

transaction assets. This transaction will help Sadbhav Infrastructure to reduce stress on its

balance sheet and free up equity capital to deploy capital for future projects. IndInfravit is

sponsored by L&T Infrastructure Development Projects Ltd.

KPTL To Buy 19.94 Per Cent

Stake In Shree Shubham

Logistics

K

PTL to acquire 19.94 per cent

stake in Shree Shubham Logistics

for consideration of `64.66 crore

by signing a definitive agreement with

Tano India Private Equity Fund II

(Tano).

As per the agreement, the company will

pay the consideration via a non-cash

equity-swap transaction in which

12,54,900 equity shares of KPTL will be

issued to Tano at a value of `515.25 per

share subject to approvals. After

completion of the acquisitions, KPTL’s

stake in Shree Shubham Logistics

Limited (SSL) will be 100 per cent. This

deal will help KPTL offer quality

agricultural warehousing solutions.

Kalpataru Power Transmission Limited

is an EPC company engaged in the

business of power transmission &

distribution, oil & gas pipeline, railways,

infrastructure development, civil

contracting and warehousing & logistics

business.