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The board has constituted and authorized ‘rights issue committee' to decide detailed terms and conditions of the issue, including but not limiting to deciding the terms and conditions of the issue.
Further, the board has also approved increase in the authorized share capital from Rs 9.50 crore divided into 9.50 crore equity shares of Rs 1 each to Rs 11 crore divided into 11 crore equity shares of Rs 1 each and amendment of memorandum of association accordingly subject to approval of members of the company.
Meanwhile, the board of directors approved the amalgamation of Shilpa Therapeutics (a wholly owned subsidiary) with the company. Shilpa Therapeutics is in to the business of manufacturing of orally dispersible films (ODF).
With a view to consolidate the synergies of operations and the cost, it is proposed to merge STPL with the company by way of a scheme of amalgamation. It is opined that the said activity shall enhance the growth of the business and attain objects in a more efficient and cost effective manner.
Shilpa Medicare is a global brand in manufacturing and supplying of affordable API and formulation globally in different regulated markets.
The company reported a consolidated net loss of 8.04 crore in Q4 FY23 as against a net profit of Rs 29.55 crore posted in Q4 FY22. Net sales declined 22.6% year on year to Rs 263.56 crore during the quarter.
Shares of Shilpa Medicare fell 2.14% to Rs 248.80 on the BSE.
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