Shares of Solara Active Pharma Sciences rallied 2.74 percent intraday on December 24 after getting approval from National Company Law Tribunal (NCLT) for merger with Strides Chemicals.
The active pharmaceutical ingredient (API) manufacturer on December 23 said the Mumbai bench of NCLT on December 20 had pronounced an order sanctioning the scheme of merger between Strides Chemicals Private Limited (SCPL), Solara Active Pharma Sciences Limited and their respective shareholders.
The appointed date for the merger is September 1, 2018, it added.
In September last year, the board of directors of the company had approved the amalgamation of the company's wholly-owned subsidiary Strides Chemicals Private Limited with the company by way of a scheme of amalgamation.
SCPL and the company are both engaged in the manufacture and sale of active pharmaceutical ingredients for the pharmaceutical industry.
The scheme of merger will simplify management structure leading to better administration; the elimination of duplication, and rationalisation of administrative expenses; simplify the shareholding structure and reduce shareholding tiers.
The stock was quoting at Rs 447.90, up Rs 8.95, or 2.04 percent on the BSE at the time of publishing this copy.
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