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The board of directors of the company approved the appointment of Poorvank Purohit as managing director & CEO of the company with effect from 5 July 2023, subject to the approval of the shareholders of the company.
Purohit has appointed as MD for a period of 3 years from the date of appointment. He is a Chemical Engineering graduate from M. S. Ramaiah Institute of Technology, Bangalore and has over 19 years of strong B2B experience in both API & finished dosage forms. He has previously worked for leading pharma organizations such as Hikal, Alembic, Jubilant, Ranbaxy (Sun Pharma), R L Fine Chem (an API focused company) and has held leadership positions providing strategic direction and orchestrated business improvement programs. He has joined Solara as chief executive officer with effect from February 3, 2023.
Further, the board has approved the issuance of equity shares of face value of Rs 10 each of the company for an aggregate amount, including premium, not exceeding Rs 450 crore by way of a rights issue.
Solara Active Pharma Sciences engaged in the business of manufacturing, production, processing, formulating, sale, import, export, merchandising, distributing, trading of and dealing in active pharmaceutical ingredients.
The company's consolidated net profit surged to Rs 3.77 crore in the quarter ended March 2023 as against Rs 1.88 crore during the previous quarter ended March 2022. Sales rose 5.49% to Rs 380.62 crore in Q4 FY23 over Q4 FY22.
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