Strides Pharma Science Limited announces termination of shareholders agreement entered in 2016

Shasun Pharmaceuticals Limited (Shasun) merged with Strides Pharma Science Limited ('Strides') (then known as Strides Arcolab Limited) through a Scheme of Amalgamation between Shasun and Strides ('Amalgamation') sanctioned by the Hon'ble High Court of Judicature at Bombay and Hon'ble High Court of Judicature at Madras. The Scheme was effective November 19, 2015.

Consequent to the said Amalgamation, the then Promoters of Shasun were classified as part of the Promoters / Promoter Group of Strides, and a Shareholders' Agreement was entered amongst Strides, the Promoters of Strides and the Promoters of erstwhile Shasun on May 16, 2016 ('Shareholders' Agreement').

The salient terms of the Shareholders' Agreement were also incorporated in the Articles of Association of Strides vide a special resolution passed by the shareholders of Strides on July 29, 2016, which included few rights given to the promoters of erstwhile Shasun.

Through a Termination Agreement dated September 30, 2021, the parties have mutually terminated the said Shareholders' Agreement. In due course the Company shall seek approval of the Board and Shareholders for alteration of its Articles of Association for deletion of the provisions of the Shareholders' Agreement of May 2016.

Shares of STRIDES PHARMA SCIENCE LIMITED was last trading in BSE at Rs. 589.3 as compared to the previous close of Rs. 595.05. The total number of shares traded during the day was 45015 in over 2055 trades.

The stock hit an intraday high of Rs. 599.65 and intraday low of 586.3. The net turnover during the day was Rs. 26645977.

Source : Equity Bulls

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