New Delhi, Jun 19 (UNI) Pharmaceutical firm Cadila Healthcare today said it has received 'in-principle' approval to transfer its consumer products division into its subsidiary arm Carnation Nutra Analogue-Foods.
The company said after the consolidation, the promoters of the company would have to consider re-organising their shareholding in the company.
However, pursuant to this restructuring, Carnation would continue to remain a listed subsidiary of the company, it said in a statement.
Besides, Cadila has also authorised an independent director to finalise the structure of scheme including valuation to determine the share exchange ratio in relation to the proposed restructuring.
The promoters of Cadila have agreed to transfer 9,00,00,000 shares out of the existing holding of 90,442,850 equity shares of the promoters in Cadila to Zydus Hospitals and Medical Research Pvt Ltd, which is also owned by Zydus Family Trust, the statement added.
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