Strides Shasun’s board of directors on the recommendation of audit committee has approved the composite scheme of arrangement with Sequent Scientific and SSL Pharma Sciences. Through this scheme, the commodity API business of Strides and human API business of Sequent Scientific will be demerged to SSL Pharma Sciences, a wholly-owned subsidiary of Strides, by October 1.
With the demerger, shareholders of Strides and Sequent Scientific will hold 60 per cent and 40 per cent, respectively. The capital base for the new entity will be Rs 25 crore as opposed to the current capital base of Rs 89.42 crore of Strides and Rs 48.75 crore of Sequent Scientific. Every shareholder of Strides will get one equity share of Rs 10 each of SSL Pharma Sciences for every six equity share of Rs 10 each held by them in Strides.
Strides Shasun (formerly known as Strides Arcolab) is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures wide range of IP-lead niche pharmaceutical products with an emphasis on sterile injectables.
