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| Exchange Disseminated Time | Aurobindo Pharma Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 09, 2013, inter alia, has considered the following:
1. In order to strengthen and provide focused growth to the injectable business and to leverage strategic opportunities, the Board considered the option of spin-off of the injectable business to a wholly owned subsidiary as a going concern. The Board constituted a sub-committee consisting majority of independent directors to evaluate the draft scheme of arrangement placed before the Board today and recommend final scheme to the Board for consideration in no later than 60 days from today.
2. The Board approved in-principle, the following acquisition and joint venture opportunities through its wholly owned subsidiary:
i) To acquire 60% of an upcoming manufacturing facility (under construction) being established by Celon Laboratories Limited to manufacture Hormonal and Oncology products for a total cash consideration of INR 156 Million; and
ii) To further invest towards completion and approval of the facility including new product developments in above therapeutic areas with budgeted investment outlay of INR 323 Million over next 12 months
3. The Board has decided to acquire 57% of the equity stake in Silicon Life Sciences Private Limited (Silicon), a Company engaged in manufacture of non-sterile penems, from its existing shareholders of 49% from VVR group and 8% from Trident Chemphar Limited. Post this acquisition, the equity holding of the Company would increase to 75%, thereby making Silicon a subsidiary of the Company. |
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