14th Jul 2014 17:02
LONDON (Alliance News) - EIH PLC Monday said it plans to return USD16.8 million to shareholders following the sale of Gland Pharma Ltd, a company it held a stake in through its investee company EIF Co Invest X.
In November, investment firm Kohlberg Kravis Roberts & Co LP acquired a minority stake in Gland Pharma Limited, an Indian pure-play generic injectable pharmaceutical products company, for approximately USD200 million. At the time, EIH said it would receive USD20 million from the deal.
Following the completion, EIH said it will now pay USD16.8 million or USD026 per share to shareholders on August 1.
After the distribution EIH will hold cash balances of around USD1.1 million.
The company said it retains a USD1.9 million interest in EILSF Co-invest, held through EIF-Coinvest X and EIF, representing its share of the Gland proceeds retained to address any potential contingencies.
EIH shares were untraded Monday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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