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Strides Pharma Science Ltd . Mid Cap

BSE: 532531 | NSE: STAR
20/04/2021 4:00:00 PM
900.80 -2.10   (-0.23%)
BSE: price shown with 5 mins delayed.
Prev. Close 902.90
Open Price 917.00
Volume Traded 110807.00


Mar'11 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20
Ajusted EPS(Rs.) 24.19 39.76 143.77 199.58 133.92 10.48 49.87 76.47 36.84 3.42
Net Sales (Rs. Cr.) 1695.17 2550.04 961.76 1340.96 1195.85 2862.19 2755.44 2845.11 2178.37 2751.97
Adjusted Net Profit 140.72 197.25 938.54 1768.79 851.76 114.11 477.38 717.95 301.76 56.62
Book Value/ Share(Rs.) 221.77 234.92 344.58 169.03 192.05 297.48 307.4 275.25 295.78 282.19
Cash Flow 246.17 -112.90 -79.80 453.98 -287.59 811.83 -595.66 -258.91 109.73 -183.65
Debt to Cash Flow from Operations 8.16 3.49 -2.01 10.69 48.36 12.84 13.47 53.64 10.91
RONW 10.88 13.27 48.20 76.32 53.73 5.83 16.09 26.26 11.81 2.19
ROCE % 10.92 10.84 25.77 79.76 44.88 8.15 10.34 14.44 5.96 4.90
Net Operating Profit Margin % 14.75 12.77 101.70 218.77 88.04 11.48 23.06 29.67 17.87 10.69
Net Profit Margin % 8.32 7.70 87.91 131.22 70.39 4.41 16.18 24.05 13.85 2.06
Debt / Equity 1.31 1.56 1.21 0.69 0.67 1.17 1.34 1.19 1.12 1.05
Dividend Yield % 0.35 0.50 0.18 130.40 9.16 0.44 0.71 0.41 0.71 1.55
Mar'11 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20
Ajusted EPS(Rs.) 12.48 19.88 9.2 471.8 89.29 14.42 12.14 99.62 12.32 12.47
Net Sales (Rs. Cr.) 503.98 749.62 712.01 1063.85 929.41 2163.84 1381.82 1469.61 1537.44 1674.15
Adjusted Net Profit 31.04 70.91 98.28 104.51 124.26 93.55 111.63 921.53 106.51 108.49
Book Value/ Share(Rs.) 243.12 232.82 233.22 273.8 247.32 353.42 361.49 353.28 363.69 354.51
Cash Flow 48.14 1.70 -50.24 497.21 -289.87 591.96 -538.32 -208.22 -2.83 -3.84
Debt to Cash Flow from Operations 18.58 6.45 -141.05 1.95 18.59 3.91 9.24 20.30 6.06
RONW 0.00 0.00 0.00 5.57 8.00 4.10 3.40 27.89 3.44 3.47
ROCE % 5.87 6.09 8.93 8.54 9.20 6.08 4.39 22.63 4.14 5.34
Net Operating Profit Margin % 10.42 11.71 20.10 15.50 21.40 9.09 15.14 66.49 12.49 14.54
Net Profit Margin % 6.14 9.40 13.76 9.77 13.32 4.27 7.85 60.67 7.18 6.67
Debt / Equity 1.06 0.77 0.56 0.37 0.28 0.42 0.49 0.35 0.22 0.27
Dividend Yield % 0.35 0.50 0.18 130.40 9.16 0.44 0.71 0.41 0.71 1.55

Year on Year Growth Rate (%)

Ajusted EPS Sales Adjusted Net Profit

Latest Financials

Standalone Consolidated
TTM EPS (Rs) 6.67 16.11
TTM Sales (Rs. Cr.) 1664.04 3026.02
BVPS (Rs.) 357.05 299.83
Reserves (Rs. Cr.) 3112.38 2599.19
P/BV 2.52 3.00
PE 135.37 56.04593
From the Market
52 Week High / Low (Rs) 1000/322
All Time High / Low (Rs) 1366.95/58.7
Volume Traded 110807
Market Cap (Rs. Cr.) 8097.29
Equity (Rs. Cr.) 89.680964
Face Value (Rs) 10
Industry PE 0

Quarterly Results

Mar'2020 Jun'2020 Sep'2020 Dec'2020
Net Sales (Cr) 441.74 409.34 391.87 421.09
Adjusted EPS (Rs) 2.94 0.46 0.98 2.29
Net Profit Margin % 5.97 1.02 2.24 4.87
Mar'2020 Jun'2020 Sep'2020 Dec'2020
Net Sales (Cr) 618.64 781.80 793.56 832.02
Adjusted EPS (Rs) -3.88 6.87 7.73 5.40
Net Profit Margin % -5.62 7.87 8.73 5.82

Quarterly Growth Rate (%)

Ajusted EPS Sales Net Profit Margin

Peers Data

Name Current Price(Rs) Market Cap. (Rs. cr.) Net Profit(Rs. cr.) Sales Growth(%)
Ambalal Sarabhai Enterprises Ltd 21.55 154.8 0 0.00
Fermenta Biotech Ltd 305.9 887.64 63.67 25.48
Bliss GVS Pharma Ltd 97.1 954.62 92.33 -18.48
Unichem Laboratories Ltd 329 2222.71 -56.32 -4.64
Alembic Ltd 104.8 2580.66 93.55 -40.59
Strides Pharma Science Ltd 900.2 8097.29 111.7 -27.35
Aurobindo Pharma Ltd 987.4 56572.37 1872.74 -11.37
Cipla Ltd 949.3 76339.81 2318.17 -39.44
Dr Reddys Laboratories Ltd 5153.95 82660.96 2937.7 -15.73
Divis Laboratories Ltd 3783.8 101014.78 1372.71 -4.34
Sun Pharmaceuticals Industries Ltd 645.05 153629.42 3211.14 -20.62



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2021/03/31 16:36

Strides Pharma Science allots 20,000 equity shares under ESOP

The Board of Strides Pharma Science has allotted 20,000 equity shares under ESOP.

Consequent to the above, paid-up share capital of the Company has increased from Rs. 89,66,09,640/- consisting of 8,96,60,964 equity shares of Rs. 10/- each to Rs. 89,68,09,640 consisting of 8,96,80,964 equity shares of Rs. 10/- each.

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2020/04/20 09:57

Strides Pharma Science receives USFDA approval for Flucytosine Capsules

Strides Pharma Science announced that its step down subsidiary, Strides Pharma Global, Singapore, has received approval for Flucytosine Capsules USP, 250 mg and 500 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Ancobon� Capsules, 250 mg and 500 mg, of Bausch Health US, LLC.

According to IQVIA MAT data, the US market for Flucytosine Capsules USP, 250 mg and 500mg is approximately US$ 45 Mn. The product will be manufactured at the company's flagshipfacility at Bangalore and will be marketed by Strides Pharma Inc. in the US market.

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About Company

Strides Pharma Science Limited is an integrated manufacturer and exporter of finished pharmaceutical dosage forms for both branded and generic. The company manufactures a very wide spectrum of ethical pharmaceutical products, OTC products and nutraceuticals. Their dosage forms range includes tablets, capsules, soft gelatin capsules, parenterals and semi-solids. They undertake contract research and manufacturing of specialty chemicals. Strides Pharma Science has a global manufacturing footprint with eight production units spread across three continents. Of this, six manufacturing facilities cater to regulated markets and have key regulatory approvals including USFDA, UK MHRA, TGA, PMDA ANVISA, WHO. The company also owns two dedicated production facilities for the emerging markets.As at March 31, 2018, the company had 51 subsidiaries (46 overseas and 5 in India), 3 Joint Ventures (2 overseas and 1 in India) and 4 associate companies (3 overseas and 1 in India).Strides Pharma Science Limited was originally incorporated under the name Strides Arcolab Ltd in the year June 28th, 1990. In FY 2016, Shasun Pharmaceuticals Limited successfully completed the merger with Strides Arcolab forming the new identity Strides Shasun Limited effective from 19 November 2015. The name of the company was changed to Strides Pharma Science Limited effective July 18, 2018.Strides Arcolab Ltd is among the top-15 pharmaceutical companies of India. They are among the world's top 5 soft gelatin capsule manufacturers. They have partnership agreements with more than 10 of the top-50 global pharmaceutical majors across Australia, South Africa, the EU, and the USA. They have their marketing presence in 55 countries. This broad network facilitates partnering with global organizations ranging from UNICEF, UNDP, Global TB Drug Facility, The Clinton Foundation to European and American Pharma giants and even private labelers and distribution chains. During the year 1999-2000, the company established Pentagon Exim, a 100% subsidiary in UAE to accelerate entry into new markets. They incorporated Strides Inc, a 100% subsidiary in USA. The company also acquired the toll manufacturing company, namely Caryl Laboratories Ltd during the year.During the year 2001-02, Bombay Drugs & Pharmaceuticals Ltd was amalgamated with the company. The company also acquired 51% stake in Infabra Industria Farmaceutica Brasileria Ltda, Brazil. Arcolab SA, Switzerland became a wholly owned subsidiary of the company during the year.During the year 2002-03, the company signed an MoU with Ribbon SRL Italy for setting up a 50:50 joint venture to manufacture and market Cephalosporin formulations for the regulated markets. Strides Latina, Uruguay and Strides Research & Specialty Chemicals Ltd became the subsidiaries of the company. The company transferred the Contract Research and Manufacturing Division (CRAM) to their wholly owned subsidiary, Strides Research & Specialty Chemicals Ltd with effect from April 1, 2002. During the year 2003-04, the Latam operations in Brazil and Mexico operations were merged into Strides Latina and the company entered into strategic agreement with Latam partners to acquire controlling stake. They also commenced production in their Solid Dosage facility in Vittoria, Brazil to cater to domestic demand. Caryl Laboratories Ltd, a wholly owned subsidiary of the company was amalgamated with Global Remedies Ltd another wholly owned subsidiary of the company.During the year, the company set up a 50: 50 Joint Venture in collaboration with Akorn Inc, US to market products for the hospital and retail market in the US. The company also incorporated Quantum Life Sciences Pvt Ltd as a 100% subsidiary for implementation of their Cephalosporin Project at Bangalore. In the year 2005, the company established a new technology centre christened STAR-Strides Technology and Research. Also, they expanded the Anti TB Facility at KRS Gardens, Bangalore. The company increased their stake in Strides Latina SA, Uruguay from 40% to 52.5%% in February 2005 and further increased to 67% in May 2005.In May 2005, the company acquired 90% stake in Medgene Pharmaceuticals Pvt Ltd, a Hyderabad based biotech and biopharmaceuticals company at a cost of 5.25 million. In December 2005, the company acquired Strides Arcolab (UK) Ltd in the UK at a cost of GBP 1000.In the year 2006, the company through their wholly owned subsidiary, Strides Arcolab International Ltd acquired 70% stake in Beltapharm SpA, Italy, a pharmaceutical manufacturer and 100% stake in Fabryka na Daniszewskiej sp.z o.o., (later renamed as Strides Arcolab Polska sp.z o.o.,) the Polish manufacturing facility of ICN Valeant.The company acquired 100% stake in Drug Houses of Australia (Asia) Pvt Ltd, a leading player of branded generic pharmaceutical products in Singapore with presence in Malaysia and Hong Kong. This acquisition was made through Strides Singapore Pte Ltd, a wholly owned subsidiary of Strides Arcolab International Ltd, UK.During the year, the company entered into a definite agreement with Accu-Break Pharmaceuticals Inc, USA to set up a worldwide joint venture company named Accu-Strides, to develop generic products. The company entered into an agreement with Invent Pharma, Spain for the development and supply of injectible products to a joint venture company for marketing in Spain and Portugal. Also, they agreed to enter into a joint venture agreement with Turkey's leading pharmaceutical company Abdi Ibrahim Pharmaceuticals to be named Abdi-Strides, to introduce a range of specialty pharmaceutical products developed by Strides for Turkey and neighboring markets.In the year 2007, the company acquired 99.59% stake in Grandix Pharmaceuticals Ltd, a branded pharmaceutical company in India. The company through Arcolab International Ltd, UK incorporated Strides Arcolab Hong Kong Ltd, Hong Kong, Strides Arcolab Malaysia SDN BHD, Malaysia and Strides Arcolab Sdn Bhd, Brunei in Asia.Strides Italia s.r.l. was incorporated as a wholly owned subsidiary of Strides Arcolab International Ltd, UK for acquiring the USFDA approved fermentation facility of Diaspa s.p.a., Italy. The company also acquired 74% stake in Strides Vital Nigeria Ltd, Nigeria, through their wholly owned subsidiary Strides Africa Ltd. Sequent Scientific Ltd ceased to be a subsidiary of the company consequent to the sale of entire shareholding.As part of the international restructuring of operations, the company set up Starsmore Ltd, wholly owned subsidiary of the company and Linkace Ltd, the wholly owned subsidiary of Starsmore Ltd in Cyprus. As part of the broad and strategic partnership entered into with the Aspen Group of South Africa, Co-Pharma Ltd, UK, Formule Naturelle (Proprietary) Ltd, South Africa became the subsidiaries of the company. Also, Onco Therapies Ltd, a company incorporated for oncolytics business in India became a subsidiary of the company.In the year 2008, the company completed a series of divestments and acquisitions and rearranged their business on 3 specific business segments, namely Manufacturing and Research and Development, International Front-ended Business-Generics and Brands and Nutraceuticals Business. As part of their continuous effort to concentrate and strengthen the core business the company divested their stake in Strides Italia S.r.l.In March 2008, consequent to Aspen Group acquiring 50% shareholding in Lakerose Ltd, Strides Latina SA, Uruguay, Cellofarm Ltda., Brazil, Solara SA De CV, Mexico and Casa de Representaciones Sumifarma CA, Venezuela ceased to be subsidiaries of the company.Quantum Remedies Pvt Ltd (QRPL), a company incorporated by Quantum Life Sciences Pvt Ltd, became a wholly owned subsidiary of the company. QRPL acquired assets of a 100% EOU at Palghar, Maharashtra to cater to the African Market. Strides CIS Ltd, Cyprus became a subsidiary of the company through Linkace Ltd, Cyprus. This company was formed for operating in the Ukrainian market.The company through Linkace Ltd acquired 55.46% stake in Ascent Pharmahealth Ltd, an ASX listed company. Consequent to the acquisition of Ascent Pharmahealth Ltd, Genepharm Australia Ltd, New Zealand, Genepharm Pty Ltd, Australia became subsidiaries of the company. In the second quarter ended June 2009, Strides Technology & Research Pvt Ltd became a wholly owned subsidiary of the company. Also, the company renamed one of their wholly owned subsidiaries Quantum Life science Pvt Ltd as Strides Specialties Pvt Ltd. In April 2009, the company announced a major corporate reorganization of their business involving splitting of their operations into three separate entities, namely Specialty Pharmaceuticals, Pharmaceuticals & R&D. The shareholders approved to sell the undertaking comprising Specialty Pharmaceuticals Business and Research and Development Business on a going concern basis, to Strides Specialties Pvt Ltd and Strides Technology and Research Pvt Ltd respectively with effect from July 01, 2009. The Pharmaceuticals Business to continue under Strides Arcolab Ltd.In May 2009, the company commenced commercial supplies of Oseltamivir capsules for Influenza-A (HIN1) virus also known as Swine Flu to various countries.On 8 March 2008, the Company allotted 4,000,000 equity shares of Rs. 10/- each at a premium of Rs. 390 per equity share to M/s. Dobliss Holdings Limited (3,111,440 shares) and Blissup Holdings Limited (888,560 shares) against conversion of fully convertible debentures.On 17 June 2008, the Company allotted 1,045,725 equity shares of Rs. 10/- each at a premium of Rs.390 per equity share to M/s. Blissup Holdings Limited against conversion of fully convertible debentures.During FY2008, Onco Therapies Limited (OTL), the joint venture between the Company and Aspen Group concluded an outlicensing and supply agreement with leading multinational pharmaceutical corporation, GIaxoSmithKline, UK (GSK). In terms of the agreement, OTL will license intellectual property and supply finished dosage form pharmaceuticals to GSK. The licensing and supply agreement is for 95 emerging market countries excluding Sub-Saharan Africa and India. In FY 2008, the Company acquired controlling stake (55.46%) in Ascent Pharmahealth Limited. The shares were acquired against vending of Company's Australian and Asian (other than India) business in exchange for the shares in Ascent Pharmahealth Limited.In FY 2008, the Company made additional investment of Rs.117.89 Million in the share capital of Onco Therapies Limited, a subsidiary of the Company. This investment was made by way of transfer of assets pertaining to Oncology plant, which is under construction. In addition, it made additional investment of Rs. 2.36 Million in the share capital of Grandix Pharmaceuticals Limited, Chennai, taking the total stake to 99.98%.In a transaction that was closed on 24 January 2012, the Company sold its Australia and South East Asian Business to Watson Pharmaceuticals Inc., USA for AUD 375 Million resulting in divestment of stake in Ascent Pharmahealth Limited, Australia and its subsidiaries.In February 2012, the Brazilian Sterile Penems facility received US FDA approval. This state-of-the-art facility manufactures sterile dry powder injectables of Penems. The company redeemed the outstanding USD 80 Million Foreign Currency Convertible Bonds (FCCBs) on 27 June 2012. The Company had originally raised USD 100 Million FCCBs in the year 2007 and bought back USD 20 Million during the year 2009.In FY 2012, the Company entered into an in-licensing agreement to collaborate with Gilead Sciences, Inc. to promote access to high-quality, low-cost generic versions of Gilead's HIV medicine emtricitabine (FTC) in developing countries - including fixed-dose combinations of emtricitabine co-formulated with other Gilead HIV medicines.During FY 2012, the French Development Financing Institution Proparco invested USD12.5 Million in the form of equity participation for a 20% stake in Strides' African front-end arm, valuing the African operations at about USD 60 Million. During the year 2012, the Company consolidated its stake in Inbiopro Solutions Private Limited, from the initial holding of 70% to 96.79%. In addition, it further consolidated its stake to 100% and consequently Inbiopro became a wholly owned subsidiary of the Company.In FY 2012, the Company through its wholly owned subsidiary, Agila Specialties Private Limited acquired a USFDA approved Sterile Formulations facility situated at Hosur, Tamil Nadu from Star Drugs and Research Labs Limited.During the year 2012, the Company through wholly owned subsidiary Agila Specialties Pharma Corporation, Canada, formed a joint venture with Jamp Pharma, a Canadian generic drug company, to introduce a variety of quality injectable generic drugs in Canada.In December 2012, the Company with its subsidiary Agila Specialties Private Limited collaborated with Eli Lilly to expand delivery of cancer medicines in the emerging markets. As a part of this arrangement, Lilly will in-license a portfolio of high quality, branded generic injectable and oral cancer medicines from Agila Specialties, the specialties division of Strides.In March 2013, the Company's wholly owned subsidiary, Agila Biotech (Malaysia) Sdn. Bhd, Malaysia, entered into an arrangement with Bio-XCell Sdn Bhd for the establishment of customised biotech facility located in the Bio-XCell ecosystem in Johor, Malaysia.In May 2015, the Company announced that Strides Pharma Global Pte. Ltd, Singapore and Strides (Australia) Pharma Pty Ltd, Australia, both wholly owned subsidiaries of the Company signed definitive agreements with certain wholly owned subsidiaries of Aspen Pharmacare Holdings Limited, to acquire a generic pharmaceutical business in Australia together with certain branded pharmaceutical assets. During FY 2015, Fagris Medica Private Limited, India and Altima Innovation Inc, USA became subsidiaries of the Company; Stelis Biopharma Private Limited, India merged with Inbiopro Solutions Private Limited, India; and Plus Farma ehf, Iceland, Strides Australia Pty Ltd, Australia and Strides S.A Pharmaceuticals Pty Ltd., South Africa were wound up.In FY 2016, Shasun Pharmaceuticals Limited successfully completed the merger with Strides Pharma (Company) forming the new identity Strides Shasun Limited effective from 19 November 2015. The merger provided synergies of complementary product portfolio, strong R&D infrastructure and de-risked manufacturing base. The company had entered into an agreement with GMS Holdings, ('GMS'), whereby GMS or its affiliates would invest USD 21.90 Million for 25.10% stake in Stelis Biopharma Private Limited, India, to fund its Greenfield project. Pursuant to the approval, 69,813 equity shares of Stelis Biopharma Private Limited were issued to GMS Pharma (Singapore) Pte. Ltd. Post this allotment, Strides holding in Stelis is 74.90%.During FY16, the Company acquired erstwhile Ranbaxy's Solus' and Solus Care' divisions operating in the Central Nervous System (CNS) segment in India from Sun Pharmaceuticals Limited. The arrangement involved transfer of these two marketing divisions, along with their employees to the Company for a consideration of Rs.16,500 Lakhs. In February 2016, Strides Pharma Global Pte. Ltd, Singapore acquired a strategic stake in Generic Partners Holdings Co. Pty Ltd., and its subsidiaries, which includes an Australian pharmaceutical supply and research company. The acquisition provided the Company immediate access to 47 commercialized marketing authorizations, with a portfolio of over 180 molecules, 22 registrations pending approval with TGA and strong pipeline of 32 molecules including host of drugs. In FY 2016, the Group (Strides Pharma) acquired a controlling stake in Universal Corporation Limited, Kenya, a Nairobi-based pharmaceutical manufacturing and marketing company which is strongly entrenched in the East African territory with its front-end business and has supply contracts with key donor agencies. The acquisition also provides access to one of the two WHO prequalified manufacturing plant sites in Africa.During FY 2016, the Company's wholly owned subsidiary Strides Pharma Inc., USA acquired an OTC portfolio comprising of Jointflex, Fergon and Vanquish brands/trademarks from Moberg Pharma, Sweden and its affiliates along with applicable production and commercial knowhow, domain name and inventory for an aggregate consideration of USD 10.40 million.The Board of Directors at their meeting held on 16 May 2016 approved the divestment of Shasun Pharma Solutions Ltd, UK (SPSL). Divestment would be for an enterprise value not less than GBP 25 million with an equity value of GBP 6 million, to be discharged by cash and on such terms and conditions decided by the Board.During the year 2016, pursuant to completion of merger of Shasun Pharmaceuticals with the Company on November 20, 2015 the Company allotted 21,017,329 equity shares of Rs 10/- each to shareholders of erstwhile Shasun Pharmaceuticals. Shareholders of the Company had approved raising of long-term funds by way of issuance of GDR's/ ADR's/ FCCBs / QIP or such other equity linked instruments as may be permissible for an amount up to Rs 1,50,000 Lakhs including a green shoe option. In accordance with the said approval, the Company had completed the placement of equity shares through QIP. On December 23, 2015, the Company has allotted 8,628,028 equity shares of Rs 10/- each at a price of Rs 1,278/- per share (including a premium of Rs 1,268/- per share).During FY 2018, Arrow Pharmaceuticals, a step-down subsidiary of the Company in Australia, acquired 100% stake in Amneal Pharmaceuticals, Australia. The acquisition has enabled improve Arrow's generics market share thereby expanding its first-line pharmacies to 1200 stores and provided significant synergy opportunities with 100 molecules being common with Arrow Portfolio.Strides Pharma Asia, the Company's wholly owned subsidiary in Singapore, acquired controlling stake in Trinity Pharma, a company incorporated in South Africa. The transaction enabled Strides to establish a presence in high entry market of South Africa where product dossier approval takes more than 5 years; enabling access to pipeline of more than 110 product dossiers and facilitating ARV launch in private non-tender market in South Africa.During the year 2018, Amneal Pharmaceuticals, Australia, a step-down subsidiary of the Company, entered into a Joint Venture arrangement with Douglas Pharmaceuticals Australia Pty Limited, Australia. Amneal holds approx. 50% stake in the JV Company viz., MyPak Solutions Australia Pty Ltd, Australia. During FY18, the Company exited from the India Brand Business. India Brand Business comprising of a portfolio of 130 brands in the domains of Neurology, Psychiatry, Nutraceuticals, Gastro etc., along with the employees forming part of the said business was sold to Eris Lifesciences Limited, India for a consideration of Rs.410 Crore. It also divested stake in Strides Healthcare Private Limited, a subsidiary company that was catering to the Brands Business to Eris for a consideration of Rs.90 Crore.During the year 2018, through a composite Scheme of Arrangement between the Company, SeQuent Scientific Limited and Solara Active Pharma Sciences Limited and their respective shareholders and creditors under section 230-232 of the Companies Act, 2013, the Company completed the demerger of its Commodity API Business to Solara. Pursuant to the aforesaid Scheme, the Human API business of SeQuent was also demerged to Solara. Appointed Date and Effective Date for demerger was 1 October 2017 and 31 March 2018, respectively. The Scheme received nod of the Equity Shareholders of the Company on 27 December 2017 and approval of the National Company Law Tribunal, Mumbai Bench vide its Order dated 9 March 2018.Consequent to the above, Solara allotted shares to the Equity Shareholders of the Company as at the Record Date, 9 April 2018, as consideration under the Composite Scheme on 11 April 2018. As provided in the Composite Scheme, Solara was listed on Bombay Stock Exchange (BSE) and National Stock Exchanges (NSE) respectively on 27 June 2018.On 20 April 2018, the Company entered into Business Purchase Agreement with Solara Active Pharma Sciences Limited, India to sell the assets consisting of Plant & machinery, equipment, computer software and other related capital work in progress and business conducted by the Company at Strides API Research Centre (SRC) along with the employees for a consideration of Rs.357.28 Million and working capital subject to adjustment and finalization for Rs.8.26 Million.