Claris Lifesciences Ltd allotted 4840000 NCRPS

Claris Lifesciences Limited (CLL), has been allotted 4,840,000 numbers of 0.1% Non Cumulative Redeemable Preference Shares of Rs. 1,000/- each, at par, by Claris Injectables Limited (CIL), its wholly owned subsidiary on December 26, 2015. The money raised from the preference shares has been used by CIL to repay its outstanding due to CLL.

This does not affect the holding structure of CIL nor does it lead to any dilution of CLL's holding in CIL, the payable of CIL to CLL has been replaced by preference shares via this transaction resulting into an improvement in the net worth of the material subsidiary; CIL; on a standalone basis. This will provide a clear and fair picture of the Standalone Financials of CIL to its Lenders.

Shares of CLARIS LIFESCIENCES LTD. was last trading in BSE at Rs.220.6 as compared to the previous close of Rs. 218.1. The total number of shares traded during the day was 47810 in over 867 trades.

The stock hit an intraday high of Rs. 222.5 and intraday low of 217.1. The net turnover during the day was Rs. 10533626.

Source : Equity Bulls

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