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Chennai:
The board of speciality drug major Sun Pharmaceutical
Industries Limited has proposed a swap ratio of 1 share
(face value Rs5) for every 790 shares (face value Rs10
but only Re1 paid up) of Phlox Pharma for merging the
later with itself. The paid up equity of the closely held
Phlox Pharma manufacturing cephalosporin bulk active is
Rs234.7 million. The company has an income of Rs12 million
from operations.
The
swap ratio when approved by Board for Industrial &
Financial Reconstruction (BIFR) and National Company Law
Tribunal (NCLT) would result in the issue of 29,750 equity
shares by Sun Pharma.
Meanwhile
Sun Pharma has posted a profit of Rs750.6 million for
the first quarter of this fiscal, with sales of Rs2,698.3
million and a total income of Rs3,233.2 million..
With
the central government deciding to infuse funds into Hindustan
Antibiotics Limited, Sun Pharma has put a stop to its
plans to acquire the public sector company. Sun Pharma
has shelved its plans to raise money issuing foreign currency
convertible bonds (FCCB).
According to Sun Pharma the first phase of the new 16-acre
research and development (R&D) campus in Baroda with
two lakh sq.ft research floor area has commenced operations
this year. The Mahakali R&D centre was commissioned
this year with space for 150 scientists and focus on projects
for the US / Europe.
The company commissioned its new Jammu facility this year
while its new Dadra unit is fully operational. These plants
have been formed as a partnership between Sun Pharma (95
per cent stake) and Sun Pharma Key Employees Benefit Trust
(5 per cent).
The
company"s first joint venture manufacturing unit
in Bangladesh, spread over 25,000 sq ft., is close to
being commissioned.
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