The proposal of Sun Pharmaceutical Industries Ltd (SPIL) to hive off its domestic formulations business in favour of Sun Pharma Laboratories Ltd (SPLL) has been approved by the High Courts of Gujarat and Mumbai.
In a communication to the stock exchanges, Sun Pharmaceutical Industries said the High Court of Gujarat at Ahmedabad and the High Court of Mumbai, at their respective hearings on May 3, approved the Scheme of Arrangement between Sun Pharmaceutical Industries Ltd (SPIL) and Sun Pharma Laboratories Ltd (SPLL) that envisaged spin-off and transfer of domestic formulation business/undertaking of SPIL to SPLL with effect from March 31, 2012.
The board of directors of SPIL would consider the revised audited annual accounts for the year ended March 31, 2012, after giving effect to the above mentioned Scheme of Arrangement between SPIL and SPLL (along with the consideration of audited annual accounts of the company for the year ended March 31, 2013) at the meeting to be held on May 28.
The shares of Sun Pharma gained Rs 15.70 to trade at Rs 981 in the BSE around 1.30 pm.