Indoco Remedies approves amalgamation, to issue 3 shares of the company for 4 in SPA Pharmaceuticals

Indoco Remedies Ltd has announced that the Board of Directors of the Company at its meeting held on January 24, 2007, inter alia, has approved the following:

1. The amalgamation of the 100% subsidiary of the Company, viz: La Nova Chem (India) Pvt Ltd, with the Company was approved. The Board also approved the Scheme of Amalgamation for that purpose.

2. The acquisition of the pharmaceutical business of SPA Pharmaceuticals Pvt Ltd, by legal demerger process, was approved. The Board also approved the scheme of amalgamation for that purpose. The Board approved an exchange ratio of 3 equity shares of the Company for every 4 equity shares of SPA Pharmaceuticals Pvt Ltd., for the purpose of the said scheme.

Source : Equity Bulls

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