Biocon Biologics approves scheme of merger by absorption of Covidshield Tech

4 Jan 2022 , 09:45 AM

The Board of Directors of Biocon Biologics Limited (BBL), a material subsidiary of Biocon Limited, on January 3, 2022, has approved the scheme of Merger by Absorption (Scheme) of Covidshield Technologies Private Limited (CTPL), a wholly-owned subsidiary of Serum Institute Life Sciences Private Limited (SILS), with BBL.

“The scheme is subject to the requisite statutory approvals including the approval of the National Company Law Tribunal (NCLT) and/ or such other competent authorities (including the Competition Commission of India), and the shareholders and creditors of the Transferor Company and the Transferee Company,” the pharma company said in a filing.

At around 9.47 am, Biocon Ltd was trading at Rs363.20 per piece up by Rs0.6 or 0.17% from its previous closing of Rs362.60 per piece on the BSE.