Solara Active Pharma Sciences is in the bright light today, going up 11.5% to hit an intraday high at Rs.1529 on the back of a 6-times surge in volumes. Its 52-week high is at Rs.1625.
The stock is in the green as the company has announced its amalgamation with Aurore Life Science, Empyrean Lifesciences and Hydra Active Pharma Sciences.
Shareholders of Aurore Life Sciences and Hydra Active Pharma Sciences shall be issued 1,32,94,800 equity shares of Solara Active Pharma Sciences. Pursuant to which, the shareholders of the transferor companies would have 27% stake in Solara. Post-merger, Solara will hold 67% stake in Aurore and promoter group holding shall be 44.18%, public at 55.82%.
The appointed date for the merger is 1st April.21 and merger process is expected to be completed in Q4 FY22.
This amalgamation creates a pure-play API company of scale with a strong presence in regulated markets, emerging markets, a broad product portfolio, robust operations infrastructure, excellent R&D capabilities and clear synergies to further accelerate growth for the combined entity.
The combined entity will have the scale of market presence and product portfolio combined with robust manufacturing and R&D infrastructure to grow into a leading global pure play API and CRAMS company.
In 2018, Solara was formed after demerger of Strides Shasun and Sequent Scientific. Strides Shasun demerged its commodity or B2B API business and Sequent its Human (B2C) API business which together forms Solara.