Brief: Strides Shasun to de-merge commodity API business into new co

Viyash Scientific

03/02/2017 09:02

Feb 3 (Reuters) - Strides Shasun Ltd  STSA.NS  
    * Says co to be renamed as Strides Pharma Ltd 
    * Says "in Africa for Africa" strategy remains; exiting 
Africa generics manufacturing business 
    * Says post the structuring, co to operate through its 2 
divisions of regulated and emerging markets 
    * 6 generic facilities in africa to be divested to existing 
management 
    * Says exit from Probiotic business 
    * Divestment of probiotic portfolio will not result in any 
capital gain or loss for co 
    * Says probiotic business unable to achieve intended 
strategic objectives, milestones over last 12 months 
    * Says seeks members' nod to de-merge commodity API business 
into a new listed entity 
    * API new co to have portfolio of DMF filings to start with, 
will be complimented by 5 manufacturing sites 
    * Says new co to issue shares to members'  of co & Sequent 
Scientific based on swap ratio 
    * Deal for API new co in principle approved by board of both 
cos 
    * Says appointed date of API scheme of merger will be Oct 1, 
2017 
    * Co does not plan to have further investment in any B2B 
businesses 
    * Says co to cap total equity infusion at $22 million for 
significant minority stake 
    * Remainder of capital commitment to be funded by promoters 
of  co, GMS holdings 
    * Says human API business of Sequent Scientific proposed to 
be carved out into API new co 
 
Source text: http://bit.ly/2koqcEx 
Further company coverage:  STSA.NS  
 
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