Aurobindo Pharma Ltd. has decided to acquire the remaining 49 percent stake in GLS Pharma Ltd. for INR 22.5 crore to make the latter a wholly-owned subsidiary.

The company entered into a binding agreement with GLS Pharma Ltd. and its promoters for the acquisition of the remaining 5,90,361 equity shares of INR 10 each amounting to a 49 percent stake for a purchase consideration of INR 22.5 crore. The shares are being acquired for INR 381.12 per share, Aurobindo Pharma said in a regulatory filing.

"This acquisition is undertaken to hold the entire ownership of GLS by the company," it said, adding that the transaction is estimated to be completed before December 31, 2024.

Aurobindo acquired a 51 percent stake in GLS Pharma from promoters Suresh Pathak and his family members on June 17, 2022.

GLS is engaged in oncology products, which include orals and injectables used in chemotherapy for solid malignancies, chemotherapy for hematological malignancies and chemo-supportive products.