Strides Arcolab received orders for Grandix Pharmaceuticals, Grandix Laboratories, Global Remedies and Quantum Remedies from High Court of Karnataka and High Court of Judicature at Madras sanctioning the composite scheme of arrangement.
Earlier, Strides Arcolab had received orders from High Court of Judicature at Mumbai sanctioning the composite scheme of arrangement between Grandix Pharmaceuticals, Grandix Laboratories, Global Remedies and Quantum Remedies with Strides Arcolab.
Now, the company has received all necessary Court approvals for concluding the process of merger.
Arun Kumar, group chief executive officer, Strides Arcolab said, “We are pleased that the reorganisation programme, which is aimed at achieving next level of growth for the company is being implemented as envisaged.”
Strides Arcolab had also announced a corporate reorganisation plan. The approvals from High Courts will enable consolidation and hive-off programme to align Strides Arcolab’s global operations into pharmaceuticals, specialities.
In addition, Strides Arcolab has also purchased bonds worth $1.5 million aggregate face value and is in the process of extinguishing such bonds. The company may also purchase additional bonds from the markets and extinguish from time to time at its sole discretion.