Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

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

Click here to send ur comments or to

Other Headlines:

Srei Equipment, Syndicate Bank to jointly provide equipment financing under co-lending arrangement

Lockheed Martin partners with BEML Ltd

AU Small Finance Bank Ltd enters into agreement with ACKO to act as Corporate Agent

REC Ltd board to consider interim dividend on Feb 28, 2019

Tiger Logistics India Ltd bags BTVI Business Leadership awards

BEL signs MOU with JSR Dynamics for manufacture and sale of Glide Weapons and Light Weight Cruise missiles

BEL signs Teaming Agreement with Hughes India for Helicopter Satcom Solutions

Dynamatic Technologies Ltd inks MoU with SAAB Technologies

Gabriel India Ltd announces resignation of CFO

PBM Polytex Ltd board approves buy back at Rs. 80

BOB fixes March 11, 2019 as record date to issue shares to Dena Bank, Vijaya Bank shareholders

Ion Exchange India Ltd to form JV in Saudi Arabia

BEL launches Atmospheric Water Generator

Ashoka Concessions Ltd emerges lowest bidder for NHAI project

Infosys Recognized among the Top Three Employers in Europe and Middle East

NIIT Technologies collaborates with Microsoft to drive Cloud led transformation

Info Edge India Ltd to invest Rs. 2 crore in Wishbook Infoservices Pvt Ltd

Zydus receives final approvals from the USFDA for Phytonadione Tablets and Colchicine Tablets

Supreme Court Exempts Saridon from the List of Banned FDCs

TCS Named a Leader in Global Continuous Testing Services by Independent Research Firm

BHEL commissions 250 MW Thermal Power Plant in Bihar

Reliance Capital asks partner to bid for its 42.88% stake in Reliance Nippon Life Asset Management Ltd

HUDCO selects Intellect as their partner to provide an Integrated Digital Solution for lending and ERP

MRO-TEK Realty Ltd bags order of Rs. 17.53 crores

RCom requests urgent approval from lenders to release Rs. 260 crore received from IT refunds

The Phosphate Company Ltd Q3 FY19 net profit drops to Rs. 0.90 crore

Anup Malleable Ltd reports net profit of Rs. 0.12 crore in Q3

Technofab Engineering Ltd updates on Q3FY19 results

Tech Mahindra Ltd board approves buy back through tender offer route

Shriram Transport Finance Company approves fund raising of $400 mn

BPCL to raise Rs. 2000 crore

Dr. Reddy's Laboratories announces re-launch of its Buprenorphine and Naloxone Sublingual Film

Grasim to acquire the Chlor-Alkali Business of K.P.R. Industries India Limited for Rs. 253 crore

SCI gives physical delivery of m.v. Tamilnadu

Moody's affirms Yes Bank's ratings, changes outlook to stable from negative

Dynamatic Technologies Limited signs MoU with Joint-Stock Company

Diligent Media Corporation Ltd to suspend Jaipur edition of DNA

Innovative Ideals & Services India Ltd bags new order

TCS the only Top 10 IT services Firm Recognized as a Global Top Employer

ABB CEO meets Maharashtra Chief Minister

EDF Luminus selects HCL to drive digital transformation through cloud migration

McDonald's launches its first restaurant in the holy city of Tirupati

MBL Infra substantially completes proiect

Cyient - BlueBird Joint Venture Launches its New Unmanned Aerial System

NHPC signs MoU with NLC India Ltd

H G Infra Engineering Ltd declared L1 bidder by NHAI for new EPC project

NCLT rejects petition against Omkar Speciality Chemicals Ltd

Radio City Collaborates with Noida Metro Rail Corporation

CRDB Bank leverages Nucleus Software's advanced technology to accelerate growth and improve collections

Varun Beverages Ltd announces Q4 CY2018 results

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019