Sun Pharma Completes Taro Merger

Sun Pharmaceutical Industries Limited (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715 (together with its subsidiaries and/or associated companies, "Sun Pharma")) today announced the successful completion of the merger of Taro Pharmaceutical Industries Ltd. (NYSE: TARO) ("Taro") with its subsidiary. As part of this merger, Sun Pharma acquired all outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates. As a result of the merger, Taro is now a private company and wholly-owned by Sun Pharma. Sun Pharma has been the majority shareholder of Taro since 2010.

Dilip Shanghvi, Chairman and Managing Director of Sun Pharma, said, "We are pleased with the successful completion of Taro merger process. This milestone marks a significant step forward for both organizations, allowing us to effectively leverage each other's strengths and capabilities. Together, we are excited about starting this new chapter and creating a more robust, successful future for the combined entity."

Shares of Sun Pharmaceutical Industries Limited was last trading in BSE at Rs. 1494.75 as compared to the previous close of Rs. 1466.45. The total number of shares traded during the day was 50754 in over 3775 trades.

The stock hit an intraday high of Rs. 1502.25 and intraday low of 1471.05. The net turnover during the day was Rs. 75728324.00.

Source : Equity Bulls

Keywords

SunPharmaceuticalIndustries INE044A01036 TARO MergerCompletion