Claris Injectables allots preference shares to Claris Lifesciences
Claris Lifesciences (CLL) announced that the Company has been allotted 4,840,000 numbers of 0.1% Non Cumulative Redeemable Preference Shares of Rs. 1,000/- each, at par, by Claris Injectables (CIL), its wholly owned subsidiary on 26 December 2015. The money raised from the preference shares has been used by CIL to repay its outstanding due to CLL.This does not affect the holding structure of CIL nor does it lead to any dilution of CLL's holding in CIL, the payable of CIL to CLL has been replaced by preference shares via this transaction resulting into an improvement in the net worth of the material subsidiary; CIL; on a standalone basis. This will provide a clear and fair picture of the Standalone Financials of CIL to its Lenders.
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