Gavis Pharma LLC signed a binding term sheet to acquire 4.98% of Wintac Ltd. (BSE:524758) from an existing promoter group for INR 30 million in cash on November 9, 2012. Gavis Pharma LLC signed an agreement on December 14, 2012. Gavis Pharma will acquire 0.3 million shares at INR 100 per share.

The acquisition is subject to overall investment limit by Gavis of 66% of the fully diluted post issue capital of Wintac, as approved by Foreign Investment Promotion Board.