NCLT Mumbai approves merger of Strides Chemical and Solara Active Pharma Sciences

Shares of Solara Active Pharma Sciences rose 1% in the late morning trade on the BSE.  The National Company Law Tribunal (NCLT) Mumbai has approved the merger of Strides Chemical and Solara Active Pharma Sciences.

“This is to inform that, the Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT") at its hearing dated December 20, 2019, has pronounced an order sanctioning the scheme of merger between Strides Chemicals Private Limited, Solara Active Pharma Sciences Limited and their respective shareholders, under the provisions of Sections 230-232 and other applicable provisions of Companies Act, 2013. The certified copy of the order passed by the NCL T is awaited,” the company said in the press note.

“The company will intimate the stock exchanges on the effective date of the merger after the certified copy of the sanction order is obtained from the NCLT,” the company added.

Stock view:

Solara Active Pharma Sciences Ltd is currently trading at Rs444.55, up by Rs5.6 or 1.28% from its previous closing of Rs438.95 on the BSE.

The scrip opened at Rs446.80 and has touched a high and low of Rs448.60 and Rs439 respectively.

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