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SORIL Infra Resources Limited updates on pharma business

Posted On: 2018-10-11 09:11:21

The Board constituted Reorganization Committee ("the Committee") of SORIL Infra Resources Limited ("the Company") in its meeting held today i.e. October 10, 2018 (which commenced at 5:00 P.M. and concluded at 6:30 P.M.), has discussed and considered various available option(s) to reorganize the ongoing business of the Company to foray into Pharma business, including the proposal received from M/s Indiabulls Pharmaceuticals Limited ("IB Pharma"), which is engaged in pan India sales and marketing of pharmaceutical products and has been awarded "Upcoming Pharma Company of the Year 2017-2018" at the Indian Pharma Expo and Business Excellence Awards 2018 (supported by Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt. of India). Over the past two years, IB Pharma has made significant strides in the pharma industry by creating a best-in-class infrastructure with over 200 products in the market (many of which are first time in India products bringing significant patient benefits and have won accolades by industry associations in addition to being recognized as the overall Upcoming Pharma Company of the Year), a GMP certified manufacturing network of over 50 manufacturing partners, a pan-India sales, marketing and distribution network and a seasoned and proven leadership team.

Since the Indian Pharma market is poised for an accelerated growth because of improved medical infrastructure and health insurance penetration, with a view to capitalize such opportunities and the benefits of existing expertise, sales and marketing pan India team and core competencies of IB Pharma, the Committee, after deliberations, decided to recommend to the Board the proposal for acquisition / amalgamation of on-going business operations and undertaking of IB Pharma, in addition to the acquisition / amalgamation of certain nonfinancial undertakings / business of its holding Company, Indiabulls Integrated Services Limited ("IBULISL"), subject to all applicable approvals including the approval from the Board of the Company and respective board(s) of IB Pharma and IBULISL.

The terms of the draft scheme or proposal in relation to the acquisition / amalgamation mentioned above has not yet been discussed or finalised.

The Board will take final decision in due course regarding the reorganization, upon obtaining the required professional advice, and will make further announcements when the appropriate decisions are made.

Shares of SORIL Infra Resources Ltd was last trading in BSE at Rs.414.75 as compared to the previous close of Rs. 405.1. The total number of shares traded during the day was 55159 in over 662 trades.

The stock hit an intraday high of Rs. 425.35 and intraday low of 384.85. The net turnover during the day was Rs. 22496273.

Source: Equity Bulls

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