Sudhir Vaid, the main promoter and managing director of Concord Biotech, signed a term sheet with Matrix executives in Secunderabad on Tuesday. Matrix sources said that Concord Biotech is a closely-held private company, which posted a net profit of Rs 2 crores on revenues of Rs 15 crores in 2004-05. Financial terms of the deal were not disclosed.
Matrix will be acquiring the 55 per cent stake in Concord Biotech through a combination of purchasing of existing equity shares from the promoters and other shareholders of the company and subscribing to the new equity shares to be issued by Concord Biotech on preferential basis.
