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The board of directors of Jubilant Life Sciences Ltd has decided to consolidate its pharma business into two verticals - pharma and drug discovery.
It will explore the possibility of listing the pharma business so as to raise resources.
In a filing with the stock exchanges, the company stated that its board, on May 28 gave its nod to consolidate the pharma segment under two separate verticals bringing Active Pharmaceuticals Ingredients, Solid Dosage Form, radio pharmaceuticals, allergic extracts, sterile injectible and ointment, cream and liquid businesses under the fold of pharma business, and drug discovery businesses.
It also formed a committee to decide the modalities of consolidating the pharma business and the drug discovery business under two separate subsidiaries and explore opportunities of raising money by listing the pharma business for its growth and to cut down the overall debt.
In the 2012-13 FY, the company on a standalone basis earned net sales of Rs 3,146.30 crore but posted a net loss of Rs 43.32 crore.
The shares of the company (face value Re 1) had closed at Rs 162.55, up by Rs 6.55, on the BSE on Tuesday. The stock has just recovered from its 52-week low of Rs 142.10 that it touched last week (May 23).
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