Comments
Caplin Steriles Ltd, a subsidiary of Chennai-based Caplin Point Laboratories Ltd, said its board has approved setting up of a wholly-owned subsidiary in the US.
In a regulatory filing, the company said the step-down subsidiary, Caplin Steriles USA Inc, will be based in Delaware, and is expected to have an initial share capital of $5,00,000.
Caplin Point Laboratories caters predominantly to the emerging markets of Latin America and Africa, while its wholly-owned subsidiary Caplin Steriles Ltd, caters to regulated markets such as the US and Europe, for injectable and ophthalmic products.
“The proposed step-down subsidiary would be the front-end entity for Caplin Steriles Ltd in the US for direct sales, marketing and distribution of products manufactured by Caplin Steriles Ltd,” the company added.
The proposed company would be a wholly-owned subsidiary of Caplin Steriles Ltd, which is in turn a 99.99 per cent subsidiary of Caplin Point Laboratories.
Shares of Caplin Point jumped over 2 per cent in intraday trade to ₹932.75 on NSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.