The National Company Law Tribunal (NCLT), Ahmedabad Bench has approved the scheme of amalgamation of Lincoln Parenteral and Lincoln Pharmaceuticals on 14 September 2021.
The amalgamation is expected to bring about lot of synergies in terms of operations efficiency, enhance competitive strength, cost-effectiveness and productivity for the combined entity.
Lincoln Parenteral is subsidiary company of Lincoln Pharmaceuticals, engaged in the business of small parenteral injection products. For the year ended March 2021, Lincoln Parenteral reported turnover of Rs 44.64 crore with a net profit of Rs 1.84 crore. Lincoln Pharmaceuticals held 98.58% in Lincoln Parenteral as on March 2021.
During FY20-21, Lincoln Pharmaceuticals had filled petition with the NCLT, Ahmedabad Bench for the approval of the scheme of amalgamation of Lincoln Parenteral with Lincoln Pharmaceuticals and their respective shareholders and creditors.
The company's consolidated net profit rose 16% to Rs 17.70 crore on a 17.7% increase in net sales to Rs 122.19 crore in Q1 FY22 over Q1 FY21.
Shares of Lincoln Pharmaceuticals rose 0.29% to Rs 394.85 on BSE. Lincoln Pharmaceuticals is engaged in the manufacture and marketing of affordable therapeutic products. The product range of the company includes tablets, capsules, injectables, syrups and ointments.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)