Shilpa Medicare board gives nod to Navya Bio's amalgamation

Shilpa Medicare's board today approved amalgamation of Navya Biologicals with the company.

The board of directors has considered and approved amalgamation of Navya Biologicals with the company, Shilpa Medicare said in a filing to BSE.

The total consideration shall be paid by way of share swap, it added.

"14 lakh equity shares of Rs 1 each of Shilpa Medicare are proposed to be issued to shareholders of transferor company (Navya Biologicals) upon the implementation of the proposed scheme," it added.

Navya Biologicals is engaged in research and development in biologicals.

Shares of Shilpa Medicare today closed at Rs 484.80 per scrip on BSE, up 3.57 per cent from its previous close.