Strides Pharma Science Shareholders Allotted OneSource Equity In 2:1 Ratio
OneSource expects to receive listing approval from the stock exchanges during the fourth quarter of the ongoing fiscal.
Strides Pharma Science Ltd. on Wednesday said that OneSource Specialty Pharma Ltd. has completed allotting equity shares of OneSource Specialty Pharma to Strides Pharma Science investors.
OneSource had on Tuesday allotted one equity share of Re 1 each of OneSource for every two equity shares of Rs 10 held by shareholders of Strides on the record date, which was Dec. 6, 2024, according to an exchange filing.
Accordingly, after crediting shares in the demat accounts of the respective shareholders, OneSource will notify them about the allotment.
The company's filing also stated that it will follow the SEBI regulations and allot shares only in demat form. It added that OneSource will consolidate the entitlement of those holding shares of Strides in physical format as "unclaimed shares" and credit them to a designated account titled 'OneSource–Unclaimed Securities–Suspense Escrow Account.'.
The company also added that the escrow account shares will be transferred to respective shareholders after they convert the physical shares to demat and provide requisite information relating to their demat account “to OneSource/Integrated Registry Management Services Pvt.,” which is OneSource's registrar and transfer agent.
OneSource, which is currently filing an information memorandum with the stock exchanges, expects to receive listing approval from the stock exchanges during the fourth quarter of the ongoing fiscal.
Until then, the allotted shares will remain frozen in the depositories’ system. Upon receipt of listing approval, shares of OneSource shall be available for trading on the stock exchanges.
The distribution of shares was conducted in keeping with the scheme of arrangement agreed upon between Strides Pharma Science, Steriscience Specialties Pvt. and OneSource Specialty Pharma Ltd., as well as their respective shareholders.
Earlier, in September this fiscal, Strides Pharma Science had informed via another filing that OneSource will acquire and merge Strides' oral technologies (soft gelatin capsules) and SteriScience's specialty injectables businesses with itself. And, after the regulatory process is completed, OneSource will get listed on the stock exchange.
Shares of Strides Pharma Science Ltd. closed 1.52% lower at Rs 736.85 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty 50.
