Aurobindo Pharma Arm Apitoria Incorporates Avogent Lifesciences With Rs 5 Cr Capital

Hyderabad-based pharmaceutical major Aurobindo Pharma announced on Tuesday that its wholly-owned subsidiary, Apitoria Pharma Private Limited, has incorporated Avogent Lifesciences Private Limited as a new wholly-owned subsidiary in India.

According to a regulatory filing submitted by Aurobindo to the stock exchanges, Avogent Lifesciences will operate within the pharmaceuticals sector. The entity has been established to undertake manufacturing and marketing operations both in India and overseas markets, aligning directly with Aurobindo’s primary business focus.

The transaction entails a 100% cash subscription to the share capital of Avogent by Apitoria. The initial subscription amounts to Rs 5 crore, comprising 50 lakh equity shares with a face value of Rs 10 each.

Aurobindo stated in its disclosure that Avogent is considered a related party because it is held through Apitoria Pharma. However, the promoters and promoter group of Aurobindo hold no interest in the transaction.

The pharmaceutical company also confirmed that no governmental or regulatory approvals were required for the incorporation process. Furthermore, no completion timeline applies to the transaction because Avogent has already been formally incorporated.