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Board of Suven Life Sciences takes on record scheme of arrangement (demerger)

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At meeting held on 10 January 2020

Suven Life Sciences announced that the Board of Directors of the company at its meeting held on 10 January 2020 has taken on record and approved the following matter -

Consequent to Scheme of Arrangement (Demerger) sanctioned by the Hon'ble National Company Law Tribunal, Bench at Hyderabad ("NCLT") the said scheme became operational w.e.f. 9 January, 2020 having consideration of the transfer and vesting of the of Demerged Undertaking (as defined in the Scheme) from Suven Life Sciences to Suven Pharmaceuticals in terms of the Scheme, the Equity Shareholders of the Company whose names recorded in the Register of Members and records of the depositories as a member of the Company as on 22 January 2020 being the Record Date fixed by the Board, will be entitled for allotment of:

1 (One) fully paid up Equity Share of face value of Re 1/- (Rupee One Only) each of Suven Pharmaceuticals (Resulting Company) shall be issued and allotted for every 1 (One) fully paid up equity share of face value of Re 1/- (Rupee One Only) each held in Suven Life Sciences (Demerged Company)

No fractional Share certificates will be issued.

After the issuance and allotment of the equity shares by Suven Pharmaceuticals, Suven Pharmaceuticals will complete the necessary steps to have the equity shares listed on the BSE and National Stock Exchange of India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 10 2020. 17:13 IST