IBL Healthcare Limited, a wholly owned subsidiary of Indrayani Biotech Limited (IBL) has been declared as the successful resolution applicant by the Committee of Creditors for acquisition of Vaasan Medical Center (India) Private Limited on July 21, 2022, subject to obtaining necessary regulatory approvals including approval from the National Company Law Tribunal ('NCLT'). IBL Healthcare Limited has accepted the Letter of Intent ('LoI') for acquisition of Vaasan Medical Center (India) Private Limited under the Corporate Insolvency Resolution Process ('CIRP') of the Insolvency and Bankruptcy Code 2016 ('IBC'). Vaasan Medical Center (India) Private Limited is a company established in 31 March 2010 with registered office at 15-A, Main Road, Thillai Nagar, Trichy - 620018. It is running a chain of pharmacy retail stores under the name and style of "Vasan Medical Hall" in Trichy and adjoining districts of Tamilnadu. Vasan Medical Hall was originally established as a standalone pharmacy retail store in the heart of Trichy and it was later bought by Mr. Arunachalam Pillai in the year 1947. Vasan Medical Hall is a reputed name for medicine purchase and has earned huge customer goodwill in central Tamilnadu over a period of several decades. There were more than 40 outlets which were operational at its peak a few years ago. It ran into financial issues recently and Hon'ble NCLT declared initiation of CIRP on 01-11-2021. Expression of Interest for identification of Successful Resolution Applicant was published on 29-04-2022. IBL Healthcare Limited (a wholly owned subsidiary of Indrayani Biotech Limited) expressed interest and participated in the resolution process to take over the entity. After going through the process, IBL Healthcare Limited is now declared as the Successful Resolution Applicant, subject to the approval by Hon'ble NCLT. Shares of INDRAYANI BIOTECH LTD. was last trading in BSE at Rs. 50.05 as compared to the previous close of Rs. 47.70. The total number of shares traded during the day was 53349 in over 252 trades. The stock hit an intraday high of Rs. 50.05 and intraday low of 48.20. The net turnover during the day was Rs. 2638149.00.

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