Solara Active Pharma Sciences Limited board on Wednesday approved to acquire additional share capital in Sequent Penems Private Limited (SPPL), a subsidiary company of Solara.
Currently, Solara holds 89.23% of SPPL and it is proposed to acquire remaining 10.77% to make it as a wholly-owned subsidiary. The said transaction is expected to be completed on or before March 31, 2021.
“Mr. Arun Kumar and Mr. K.R. Ravishankar are Promoters of Solara and are the minority shareholders in Sequent Penems which is proposed to be acquired. There is no consideration involved. The object of acquisition is to consolidate the Shareholding in SPPL,” company said in a regulatory filing on Wednesday.
Solara Active Pharma Sciences Ltd trade on Thursday ended at Rs1,420 per piece down by Rs32.8 or 2.26% from its previous closing of Rs1,452.80 per piece on the BSE.