Ajanta Pharma promoters to consolidate shareholding for better visibility

New Delhi: Ajanta Pharma’s promoters have agreed to consolidate their shareholding in the hands of seven family members and one family-controlled promoter group entity in order to give better visibility to the investors. The company’s promoters – the Agrawal family currently holds 73.78 percent stake in the firm through 12 family members, 3 HUFs and two family controlled promoter group entities.  “The promoters have informed the company that with a view to simplify their shareholding in the firm as also to give better visibility to the investors, they have decided to inter-se transfer shares amongst them as a part of family arrangement agreed amongst family members,” Ajanta Pharma said in a regulatory filing. Accordingly the promoters will consolidate their shareholding in the hands of seven individual family members and one family controlled promoter group entity all of whom currently are part of the promoter group, it added. The consolidation is expected to be completed within 60 days of this announcement for which the promoters shall take necessary steps and shall make disclosures as required under applicable regulations, the company said. “Pursuant to this arrangement there will be no change in the cumulative promoter group’s shareholding of 73.78 percent in the company,” it added. The Mumbai-based company has presence in various markets including Asia, Africa and the US. Its branded generics business is spread in India and more than 30 emerging countries across Africa, CIS, the Middle East and South East Asia. In India it has presence in segments like cardiology, dermatology, ophthalmology and pain management. In a separate filing the company said it has received approval from the US health regulator to market its Aripiprazole tablets, an antipsychotic medication, in the American market. Ajanta Pharma shares today ended 1.07 per cent up at Rs 1,928.35 apiece on BSE.