Cadila Healthcare to demerge consumer products division into Carnation, merge Zydus Hospitals with itself

Cadila Healthcare Ltd has announced that the Board of Directors of the Company at its meeting held on July 04, 2008 has approved the modalities of the restructuring of its Consumer Products Division ("CPD") for the benefit of its shareholders.

The Board has approved a Composite Scheme of Arrangement for demerger of the CPD of the Company into Carnation, which is a 61.56 % listed subsidiary Company of the Company and merger of Zydus Hospitals and Medical Research Pvt Ltd ("Zydus Hospitals") into the Company and the share entitlement / exchange ratios.

This Scheme will be, subject to requisite consent, approval of the shareholders of all three Companies, the Hon'ble High Court of Gujarat, respective Stock Exchanges and other regulatory authorities.

Source : Equity Bulls

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