Sun Pharma declares interim dividend of Rs 4.25

Sun Pharmaceutical Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 10, 2012, inter alia, have transacted the following :1. The Board of Directors also decided to spin off the domestic formulation business of the Company on a going concern basis comprising certain assets pertaining to the said business to its wholly owned subsidiary, Sun Resins & Polymers Pvt. Ltd. w.e.f. March 31, 2012 pursuant to a proposed scheme of arrangement u/s 391 to 394 of the Companies Act, 1956 subject to obtaining of approvals from the shareholders, regulatory authorities including the Hon'ble High Court of Gujarat.2. The Board of Directors further declared the interim dividend of Rs. 4.25 per Share of Re. 1 each on Equity Shares of the Company for the year ended March 31, 2012 in lieu of the earlier proposed dividend of Rs. 4.25 per Share of Re. 1 each on Equity Shares of the Company for the year ended March 31, 2012 in view of the likely delay for the redrawing and audit of the revised accounts for the year ended March 31, 2012 and adoption of accounts by the members so as to give effect to the proposed rationalisation of the business of the Company with effect from March 31, 2012.Source : BSE

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