Further to our letter dated December 23, 2016 under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding acquisition of 13,000,000 Series B Preferred Stock of scPharmaceuticals Inc.(scPI), by one of the wholly owned subsidiaries of the Company, be informed that :
1) The aforesaid 13,000,000 Preferred Stock., have been converted into 1,810,536 shares of common stock (representing approximately 10.3% of the total shares outstanding par value $0.0001 each), on November 21, 2017. Another wholly owned subsidiary of the Company has purchased 357,143 shares of common stock, par value $0.0001 each, at a price of USD 14 per share of scPI. amounting to about USD 5 million by way of allotment on November 21, 2017 in IPO by scPharmaceuticals Inc.,
2) Post above, the total stake held in scPharmaceuticals Inc., is reduced from 14.58% ( basis fully diluted equity stake on conversion) to 12.31%