Bengaluru-based Wintac Ltd has taken a decision to hive off its trademarks and marketing division for the marketing of the oncology products in order to have complete focus on the core activity of product development and manufacturing activity for the regulated export markets.
The company focusses in the manufacture of small volume and large volume parenterals, sterile ophthalmic preparations and also marketing of pharmaceutical specialties catering to niche segment.
The company has informed the bourses Bombay Stock Exchange that its Board of Directors of the Company at its meeting held on November 27, 2014, have decided to hive-off. The size of the Oncology Division business was small and during the previous financial year (2013-14) recorded a sales of Rs. 201 lakh and contributes about 6.48 per cent to the sales turnover of the company.
The valuation of the Oncology Division was done on by an Independent Valuer and as per the Valuation Report the valuation was arrived at Rs. 100.53 lakhs. The business is being sold to Bangalore Pharmaceuticals & Research Laboratory Pvt. Ltd, a related party as per the provisions of the Companies Act, 2013. The transaction is on arms length basis and the sale consideration is Rs. 109 lakh which is more than the valuation of the independent valuer.