Moneycontrol Bureau
Sun Pharmaceutical Industries' shares gained over 1.5 percent on Monday after the pharma major said the High Courts of Mumbai and Gujarat have given the go ahead to spin-off its domestic formulation business.
"The Honorable High Court of Gujarat at Ahmedabad and Honorable High Court of Mumbai, at their respective hearing held both on May 03, approved the scheme of arrangement between Sun Pharmaceutical Industries Ltd (SPIL) and Sun Pharma Laboratories Ltd (SPLL) in the nature of spin-off and transfer of Domestic Formulation business/undertaking of SPIL to SPLL with effect from the appointed date of March 31, 2012," it said in a notice to stock exchanges.
The High Court orders will be filed with the Registrar of Companies shortly and the spin off process will get completed, the company added.
At 13:40hrs, Sun Pharma shares were 1.6 percent at Rs 981.25 on NSE.
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