New Delhi: Drug maker Cadila Healthcare on Monday said its board has approved the merger of various wholly-owned subsidiaries, including Zydus Animal Health Ltd with itself.
The board of directors of Zydus Animal Health Ltd (ZAHL), Live Healthcare Ltd (LHL)and Zydus Pharmaceuticals Ltd (ZPL) at their respective meetings held today approved amalgamation with Cadila Healthcare Ltd, the Ahmedabad-based firm said in a filing to BSE.
The board of Cadila Healthcare also approved the amalgamation with ZAHL, LHL and ZPL, it added.
In terms of the scheme, ZAHL, LHL and ZPL will be amalgamated with the company followed bt the dissolution without winding up of ZAHL, LHL and ZPL, the company said.
"Upon the scheme being effective, in consideration of the tranfer and vesting of the undertakings of ZAHL, LHL and ZPL (the transferor companies) in the company...All the equity shares issued by the transferor companies and held by the company and its nominees shall stand cancelled and extinguished," it added.
Headquartered in Ahmedabad, Zydus Cadila group has global operations in four continents spread across USA, Europe, Japan, Brazil, South Africa and 25 other emerging markets.
The group's operations range from active pharmaceutical ingredients (API) to formulations, animal health products and cosmeceuticals.
Shares of Cadila Healthcare on Monday closed at Rs 770.35 on the BSE, up 0.92 percent from their previous close.
First Published: Monday, April 22, 2013, 19:36