Shasun Pharma seeks shareholders’ nod for merger

NEW DELHI, Feb 8 (PTI): Shasun Pharmaceuticals is seeking shareholders' approval for its proposed merger with Bangalore- based drug firm Strides Arcolab.

In a filing to the BSE, Shasun Pharmaceuticals said it is seeking shareholders nod for the merger scheme through a postal ballot.

Last year, the companies announced plans to merge, a move that will create an entity among the top 15 listed domestic drug makers with a turnover of over Rs 25 billion.

As part of the deal, Shasun will amalgamate with Strides in an all-stock transaction. Shashun shareholders will receive 5 equity shares of Strides for every 16 shares held by them in Shasun.