Strides Arcolab changes name to Strides Shasun Ltd

Shares of the company were trading at Rs 1,363.05 per scrip in afternoon trade on BSE, up 1.30% from it's previous close

Drug firm Strides Arcolab Ltd has changed its name to Strides Shasun Ltd.

"The name change to Strides Shasun Ltd is now effective post issue of fresh certificate of Incorporation dated November 18,2015 issued by the Registrar of Companies, Mumbai," the company said in a filing to BSE.

The members of the company approved the name change of the company through postal ballot, results of which were announced on November 6, 2015, it added.

The company had earlier informed the bourses that all the necessary statutory/ regulatory approvals in relation to the scheme of amalgamation of Shasun Pharmaceuticals with Strides Arcolab have been obtained and the scheme of amalgamation is effective as of November 19, 2015.

In September 2014, the Board of Directors of both the companies had approved a scheme of amalgamation between the two companies.

As per the statement then released Shasun was to amalgamate with Strides in an all-stock transaction. Shashun shareholders were to receive 5 equity shares of Strides for every 16 shares held by them in Shasun.

Shares of Strides Arcolab were today trading at Rs 1,363.05 per scrip in afternoon trade on BSE, up 1.30% from it's previous close.