Shasun gets shareholder nod for merger with Strides Arcolab

NEW DELHI: Shareholders of Shasun Pharmaceuticals have approved its merger proposal with drug firm Strides Arcolab.

The court convened meeting of the equity shareholders of the company was held on March 12, 2015 in connection with the scheme of amalgamation of Shasun Pharmaceuticals with Strides Arcolab, Shasun said in a filing to BSE.

"The scheme of amalgamation was approved by the shareholders of the company with requisite majority at the said meeting," it added.

The company said 99.99 per cent of the valid votes cast were in favour of the scheme of amalgamation while 0.01 per cent votes were against it.

In September 2014, Strides Arcolab and Shasun Pharmaceuticals had announced their merger that will create an entity that will be among the top 15 listed domestic drug makers with a turnover of over Rs 2,500 crore.

"The Board of Directors of both the companies have approved a scheme of amalgamation between the two companies," Strides Arcolab and Shasun Pharmaceuticals had said in a joint statement.