Ipca labs board approves amalgamation of Tonira Pharma
Pharmaceutical firm Ipca Laboratories today said its board has approved amalgamation of Tonira Pharma with the company from April 1, 2011.
"The board of directors of the company...Have approved amalgamation of Tonira Pharma Ltd with the company, with effect from April 1, 2011, through a scheme of amalgamation," Ipca Laboratories said in a filing to the BSE.
The scheme envisages an exchange ratio of six equity shares of Rs 2 each of Ipca Laboratories for every 100 equity shares of Rs 10 each of Tonira Pharma, it added.
The exchange ratio is based on the joint valuation made by chartered accountants firms Natvarlal Vepari & Co and G M Kapadia & Co, Ipca labs said.
"The proposed scheme of amalgamation will be subject to all necessary permissions and approvals, as may be required," it added.