Alivira Animal Health Ltd has completed the allotment of equity shares to Shasun Pharmaceuticals.
Alivira Animal Health is a joint venture between Shasun Pharmaceuticals and Sequent Scientific Ltd to develop, manufacture and sell veterinary products.
"Alivira Animal Health has allotted 74,00,000 equity shares to Shasun Pharmaceuticals in consideration for the transfer of Shasun's Vizag unit," Shasun said in a BSE filing.
"Alivira has also allotted 21,14,165 shares to Devicam Capital LLP, an enterprise jointly owned by the promoters of Shasun Pharmaceuticals and Sequent Scientific, for cash," it added.
Sequent Scientific and Shasun Pharmaceuticals signed a letter of intent in March to form the joint venture.
The products made by the venture will include both active pharmaceutical ingredients and formulations and will be sold globally.
Sequent will own 73 per cent of the joint venture company, while Shasun will hold 27 per cent.
