Sun Pharma board approves stock split into Re1 shares
24 Sep 2010
The board of directors of Sun Pharmaceutical Industries Ltd today approved the proposal to sub-divide the Rs5 face value shares of the company to shares of the face value of Re1 each.
The share-split is subject to the approval of the shareholders of the company, Sun Pharmaceuticals said in a filing with the Bombay Stock Exchange (BSE).
The company's board took a decision to split shares during its meeting held today, Sun Pharmaceutical Industries said in a statement to the Bombay Stock Exchange (BSE).
Mumbai-based Sun Pharma has acquired a controlling stake of 48.7 per cent in Israeli firm Taro Pharmaceutical Industries Ltd after four years of legal wrangling, with Sun Pharma chairman Dilip Shanghvi also taking over as chairman of the Israeli firm. (See: Sun acquires controlling stake in Taro, Shanghvi is chairman).
Shares of Sun Pharma closed at Rs1,920.55 on the BSE, up 1.71 per cent from the previous close.