Ajanta Pharma amalgamates with Gabs Investments

As a follow-up to Ajanta Pharma's amalgamation deal with Gabs Investments, the pharma company's shares surged by 3.2 per cent intra-day on March 20, 2017.      

Ajanta Pharma announced the approval to its amalgamation with the Gabs Investments at the company's meeting on Saturday, March 18, 2017. The amalgamation of the two pharma manufacturers will be in consideration for the equity shares of the company.  

At present, Gabs Investments holds up to 9.54 per cent as the paid up capital of Ajanta Pharma, while the company will issue 83,92,262 equity shares to the Gabs.    

Furthermore, the company has also approved the payments of interim dividend of 350 per cent or Rs 7 per equity shares for FY16-17.  

While, Ajanta Pharma stood at Rs 1,845 on the bourses, with a rise of 2.89 per cent or Rs 51.75 intra-day; Nifty Pharma was also trading at a gain of 0.31 per cent, valuing at Rs 10707.95 during the same period intra-day.