Jubilant Life Sciences surges on consolidating its pharma business under its Singapore subsidiary

Jubilant Life Sciences is currently trading at Rs. 85.15, up by 2.45 points or 2.96 % from its previous closing of Rs. 82.70 on the BSE.

The scrip opened at Rs. 86.00 and has touched a high and low of Rs. 87.40 and Rs. 83.05 respectively. So far 37,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 248.25 on 10-Dec-2012 and a 52 week low of Rs. 65.10 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 86.00 and Rs. 77.00 respectively. The current market cap of the company is Rs. 1,354 crore.

The promoters holding in the company stood at 49.04% while Institutions and Non-Institutions held 29.82% and 21.14% respectively.

Jubilant Life Sciences has received an approval to transfer and vest the two business undertakings namely Active Pharmaceuticals Ingredients (API) Business and Dosage Forms Business of the company, together with all assets and liabilities on a going concern basis. The board of director at its meeting held on October 04, 2013 has approved for the same.

The board also approved to transfer 18% shares of Jubilant Pharma Holdings Inc., USA (formerly Jubilant Life Sciences Holdings Inc.). and 77.65% shares of Jubilant Pharma NV, Belgium, held by the company, to a new company to be incorporated in India as a wholly owned subsidiary of Jubilant Pharma, Singapore (which is a wholly owned subsidiary of the Company) for a total consideration of Rs 1,145.10 crore, subject to the approval of shareholders of the company and such other approvals and permissions as may be deemed necessary. In this regards, Jubilant Pharma, Singapore has received approval from the Foreign Investment Promotion Board.

This will enable the company to consolidate its API, Solid Dosage Form, Radiopharma, Allergenic extracts, Sterlite Injectibles and Ointment, Cream and Liquid business (Pharma Business) under Jubilant Pharma, Singapore and to explore, identify and implement the options and opportunities of raising money including by way of listing the Pharma business for its growth and reduction of overall consolidated debt of the company.

Jubilant Life Sciences is a global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Life Science Ingredients.