The Board of Directors of Neogen Chemicals Limited has given a go ahead for investment in Neogen Chemicals Japan Corporation Limited (NCL Japan), a wholly owned subsidiary of the company upto an amount of JPY 2,00,00,000 by way subscribing to the equity shares as may be issued, offered and allotted by NCL Japan. 

Further the Board has approved execution of Share subscription agreement between the company and NCL Japan in terms of which the company shall invest in NCL Japan by subscribing to 20, 00,000 equity shares of a face value of JPY 10 each aggregating to JPY 2, 00, 00,000 as may be offered and issued by the NCL Japan constituting 100% shareholding in NCL Japan. 

The subscription and allotment is expected to be completed within 60 days from the date of receipt of share application money by NCL Japan from the company (proposed allottee).