Strides Shasun, SeQuent demerger

Strides Shasun’s board of directors has approved the composite scheme of arrangement with Sequent Scientific (SeQuent) and SSL Pharma Sciences Ltd (SSL), according to information provided by the company to the BSE. Through this scheme, the commodity API business of Strides and human API business of SeQuent will be demerged to SSL, a wholly-owned subsidiary of Strides, by October 1. With the demerger shareholders of Strides and SeQuent will hold 60 per cent and 40 per cent, respectively. The capital base for the new entity will be ₹25 crore as opposed to the current capital base of ₹89.42 crore of Strides and ₹48.75 crore of SeQuent. Every shareholder of Strides will get one equity share of ₹10 each of SSL for every six equity share of ₹10 each held by them in Strides.