Aarti Industries DEMERGER APPROVED! Pharma business to be demerged into Aarti Pharmalabs - Key details from exchange filing here

The Board of Directors of Aarti Industries Limited has approved the restructuring of the company where its pharma business and allied activities will be demerged into Aarti Pharmalabs Limited, the company informed in an exchange filing on Thursday.  

Aarti Pharmalabs Limited erstwhile Aarti Organics Limited is a wholly-owned subsidiary company of Aarti Industries.  

The decision was taken by the board on 19 August (Thursday). The move has been undertaken “as a going concern basis with effect from the Appointed Date i.e. July 1, 2021,” the company said in this filing to exchanges.  

“The transaction is proposed through a Scheme of Arrangement under Section 230 - 232 read with applicable provisions of the Companies Act, 2013,” it further said.

The said scheme would be subject to requisite approvals of the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India, and other statutory/regulatory authorities, including those from the shareholders of the Demerged Company, the exchange filing said.

The meeting of the Board of Directors commenced at 12:00 pm and concluded at 2 pm.

The shares of Aarti Industries Limited ended at Rs 957.50 on the NSE on Wednesday, up 0.50 per cent from the last closing price on Tuesday.

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The Stock Markets were closed on Thursday on account of Muharram.  

Aarti Industries stocks attained their 52-week high on 3 August 2021, hitting a price of Rs 987. The 52-week low is Rs 483.23 which the stock achieved on 16 October 2020.

The stock prices have moved up on the NSE over the last 6 trading sessions barring on one occasion.  

As per the information on BSE, the promoter holding in the company stands at 44.90 as on June 2021. The public shareholding in the company as on June 2021 stands at 55.10 per cent.