Solara Active Pharma Sciences is a young, dynamic, entrepreneurial and customer-oriented API manufacturer. We have a legacy of over three decades and trace our origins to the API expertise of Strides Shasun Ltd. and the technical knowhow of human API business from Sequent Scientific Ltd. We are poised to bridge the industry gap by delivering value-based products while maintaining focus on customer needs. We have 140+ scientists working at our two R&D Centers and 4 API manufacturing facilities armed with global approvals and 2 dedicated R&D facilities.

 

Top

Scheme of Arrangement

Solara / Investor Relations / Scheme of Arrangement

Update on Scheme of Arrangement (Scheme)

A composite Scheme of Arrangement (the “Scheme ”), pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder between Strides Shasun Limited (Strides), SeQuent Scientific Limited (SeQuent) and the Company (Solara) and their respective shareholders and creditors, was approved by the Board pursuant to its resolution dated March 20, 2017. The Scheme was approved by our shareholders at a meeting convened by the National Company Law Tribunal, Mumbai Bench (NCLT) on December 27, 2017.

The Scheme provided for the demerger of the commodity API business of Strides and the human API business of Sequent and transfer of the same to our Company pursuant to the provisions of Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 and the rules made thereunder (the “Demerger ”). The appointed date for the Scheme is October 1, 2017.

The Hon’ble National Company Law Tribunal sanctioned the Scheme, Mumbai Bench by an order dated March 9, 2018 and issued on March 22, 2018. Strides, SeQuent and the Company made the Scheme effective on March 31, 2018 (Effective Date).

Pursuant to the Scheme, Strides and SeQuent fixed April 9, 2018 (Record Date) as the record date for arriving at entitlement of shareholders who will be eligible for issue of equity shares by Solara.

In consideration of vesting of the Commodity Business of Strides, our Company on April 11, 2018, issued and allotted to members of Strides, whose names were recorded in the register of members of Strides on the Record Date, 1 (one) Equity shares of Rs. 10/- each of Solara for every 6 (six) equity shares of Rs. 10/- each of Strides.

In consideration of vesting of the Commodity Business of SeQuent, our Company on April 11, 2018, issued and allotted to members of SeQuent, whose names were recorded in the register of members of SeQuent on the Record Date, 1 (one Equity shares of Rs. 10/- each of Solara for every 25 (twenty five)) equity shares of Rs. 2/- each of SeQuent.

Securities and Exchange Board of India (SEBI0 vide letter dated June 20, 2018 has granted relaxation from the applicability of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 in respect of the listing of shares issued by Solara pursuant to the Composite Scheme.

The Company has also received final listing/trading approval from both the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) on June 25, 2018 and the equity shares of Solara commenced trading in BSE and NSE on June 27, 2018

Scrip Details

BSE Limited – Scrip Code: 541540
NSE – Scrip Code: SOLARA
ISIN – INE624Z01016
Face Value: Rs. 10/- per equity share

Company Secretary & Compliance Officer

S. Murali Krishna
‘Batra Centre’, No. 28, Sardar Patel Road Post Box No. 2630, Guindy Chennai 600 032
Tel: + 91 44 43446700, 22207500
Fax: +91 44 22350278
Email: muralikrishna@solara.co.in
Corporate Identification Number – L24230MH2017PLC291636
Email id for Investor Communication: investors@solara.co.in

Registrar & Share Transfer Agent

Karvy Fintech Private Limited
Corporate Registry
Karvy Selenium, Tower B, Plot 31-32, Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad 500 032, India
Toll Free No: +91 40 6716 2222
E-mail: einward.ris@karvy.com