The combination creates a pure play API company of scale with strong presence in Regulated Markets, Emerging Markets, a broad product portfolio, robust operations infrastructure, excellent R&D capabilities and clear synergies to further accelerate growth for the combined entity.

The merger is EPS accretive to Solara and will enhance other important financial ratios for Solara. The merger is in line with Solara's strategy of accelerating growth via appropriate inorganic actions. The combined entity will have the scale of market presence and product portfolio combined with robust manufacturing and R&D infrastructure to grow into a leading global pure play API and CRAMS company.

Shareholders of Aurore Life Sciences and Hydra Active Pharma Sciences shall be issued 1,32,94,800 equity shares of Solara Active Pharma Sciences. Pursuant to which, the shareholders of the Transferor Companies would have 27% stake in Solara Active Pharma Sciences.

With this merger, Aurore Life Science, Empyrean Lifesciences Private and Hydra Active Pharma Sciences shall be merged into Solara Active Pharma Sciences and post-merger, Solara will hold 67% stake in Aurore Pharmaceuticals.

Post-Merger, Promoter group holding shall be 44.18% and Public holding shall be 55.82%.

The Appointed Date for the merger would be 1 April, 2021 and the merger process is expected to be completed in Q4 FY 2021-22.

The merger is subject to certain conditions including approvals from stock exchanges, SEBI, shareholders, creditors, jurisdictional National Company Law Tribunal and other applicable statutory authorities.