Cadila to restructure consumer products division

MUMBAI: Pharmaceutical firm Cadila Healthcare on Tuesday said it will restructure its consumer products division with the subsidiary company Carnation Nutra Analogue-Foods.

Board of directors at its meeting today decided 'in principle' to consolidate the consumer products division with Carnation Nutra Analogue-Foods subject to the promoters approval, Cadila said in a filing to the Bombay Stock Exchange.

After the consolidation, the promoters of the company would have to consider reorganising their shareholding in the company. However, pursuant to this restructuring Carnation would continue to remain a listed subsidiary of the company.

Besides, Cadila has also authorised an independent director to finalise the structure of scheme including valuation to determine the share exchange ratio in relation to the proposed restructuring.

"Final decision on the scheme and share swap ratio will be taken at a subsequent board meeting," the company added.