Jubilant Ingrevia announced that its wholly owned subsidiary Jubilant Life Sciences International Pte has divested its entire 10% stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on Sep. 21, 2021 for a consideration of USD 18.2 million (approximately Rs 1,342 million) pursuant to approval of the plan of merger between Safe Food and Packers Sanitation Services Inc.
The current book value of Safe Foods Investment, reflected at Fair value through Other Comprehensive Income is USD 6.5 million (approximately Rs 478 million).
Jubilant Ingrevia, a global integrated Life Science products and Innovative Solutions provider serving, Pharmaceutical, Nutrition, Agrochemical, Consumer and Industrial customers with its customised products and solutions that are innovative, cost-effective and conforming to excellent quality standards.
Shares of the company gained Rs 15, or 1.97%, to settle at Rs 775.10. The total volume of shares traded was 57,748 at the BSE (Thursday).