The stock of Dishman Pharmaceuticals and Chemicals jumped over 5.3 per cent on Thursday after the company’s board approved a bonus issue of equity shares.

After surging to as high as ₹350, the stock closed at ₹321.60 on the BSE and witnessed a combined volume of 58.6 lakh shares on the BSE and the NSE.

The company informed the exchanges that its board of directors has approved a bonus issue of equity shares in the ratio of one equity share for every one equity share. This would be the maiden bonus issue from the company since its listing in April 2004.

Restructuring plans The company has been undertaking major restructuring plans. The board of the pharma major has approved amalgamation of Dishman Care, a wholly-owned subsidiary, with itself.

The company has also received the board’s nod for amalgamation of the company with Carbogen Amcis India (CAIL).

Shareholders of Dishman Pharmaceuticals will be allotted one equity share of CAIL for every share held in the company.

Besides, Dishman would hive off its effluent treatment plants to CAIL on slump sale basis for a consideration of ₹15 crore, the pharma company said in a notification to the stock exchanges.

The equity shares of CAIL are proposed be listed on the BSE and the NSE at a later date.

As a part of the restructuring, the name of CAIL would be changed to Dishman Carbogen Amcis Ltd.

The restructuring involving the companies, Dishman Care and CAIL, is a related party transaction.

The proposed scheme of restructuring would be subject to approval of stock exchanges and the High Court of Gujarat, the company said.

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