Sun Pharma gets NSE nod to transfer business

Company board in Nov last year approved the transfer of 'specified therapeutic and investment' business

Leading bourse National Stock Exchange (NSE) has given its approval for transfer of 'specified therapeutic and investment' business of a Sun Pharma subsidiary into the parent company.

The board of Sun Pharmaceutical Industries in November last year approved the transfer of 'specified therapeutic and investment' business, a part of Sun Pharma Global FZE, into the company itself.

As per norms, companies seeking to execute merger or de-merger strategies need to obtain a 'no-objection certificate' from stock exchanges.

In a communication to Sun Pharmaceutical Industries, NSE said on Friday that it is granting 'no-objection approval' to the proposed scheme.

This observation letter would be valid for six months, within which period the company would have to file the scheme with the High Court for further clearance.

According to the confirmation given by the company "the scheme does not in any way violate, over-ride or circumscribe the provisions of securities laws or the stock exchange requirements".

"Accordingly, we hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing /delisting/continuous listing requirements within the provisions of the listing agreement, so as to enable the company to file the scheme with the High Court," the exchange said in a statement.