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Shares of Strides Arcolab and Shasun Pharmaceuticals rallied up to 7% on the Bombay Stock Exchange (BSE) after the Bombay High Court approved the merger of these companies.
“The Hon’ble High Court of Bombay has on August 28, 2015 orally pronounced an Order, approving the scheme of amalgamation involving merger of Shasun Pharmaceuticals with the company, Strides Arcolab Limited,” Strides Arcolab said in a BSE filing.
The certified true copy of the said Order is awaited, it added.
The scheme of amalgamation shall be effective post receipt of approval of Foreign Investment Promotion Board (FIPB) and on filing of a copy of the Order with Registrar of Companies, Bombay.
Shasun shareholders would receive 5 equity shares of Strides for every 16 shares held by them in Shasun.
Combined entity to be amongst the top 15 listed Indian pharmaceutical companies by revenue with a turnover in excess of Rs 2,500 crore.
Among the individual stocks, Shasun Pharmaceuticals rallied 7% to Rs 374, while Strides Arcolab gained 5% to Rs 1,220 on the BSE.
“The Hon’ble High Court of Bombay has on August 28, 2015 orally pronounced an Order, approving the scheme of amalgamation involving merger of Shasun Pharmaceuticals with the company, Strides Arcolab Limited,” Strides Arcolab said in a BSE filing.
The certified true copy of the said Order is awaited, it added.
The scheme of amalgamation shall be effective post receipt of approval of Foreign Investment Promotion Board (FIPB) and on filing of a copy of the Order with Registrar of Companies, Bombay.
Shasun shareholders would receive 5 equity shares of Strides for every 16 shares held by them in Shasun.
Combined entity to be amongst the top 15 listed Indian pharmaceutical companies by revenue with a turnover in excess of Rs 2,500 crore.
Among the individual stocks, Shasun Pharmaceuticals rallied 7% to Rs 374, while Strides Arcolab gained 5% to Rs 1,220 on the BSE.
