Sequent to absorb Viyash, giving 56 for 100 shares
Carlyle investee companies Sequent Scientific and Viyash Life Sciences announced a merger that will create a platform with leadership in animal pharmaceuticals and expanded capabilities across the larger global pharmaceutical market, including in research and development.
ET in its online edition on Thursday afternoon reported first about talks between Sequent Scientific and Viyash Life Sciences for a ₹7,000 crore-₹8,000 crore merger.
In a stock exchange filing, Sequent Scientific said its board has approved a proposal to merge Viyash Life Sciences and its group companies, and its wholly owned subsidiary Sequent Research with it.
Shares of Sequent Scientific rose 18% on Friday, hitting a three-year high of ₹224.80 on the BSE, before closing 14.15% up at ₹217.35. Viyash Life Sciences isn't listed.
According to the disclosure, for every 100 shares held, Viyash Life Sciences shareholders will receive 56 Sequent Scientific shares. This will increase the capital base of Sequent Scientific to nearly 429 million shares from 249 million, with its promoter and promoter group holding around 62.4% stake in the combined entity.
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