Claris Lifesciences' Board of Directors have approved the voluntary delisting proposal of its shares from BSE, the only stock exchange where the shares of the company are listed. Claris share of Rs.10 each declined by Rs.10 to Rs.352 in the afternoon session. The market capitalisation worked out to Rs.1,921 crore. The delisting will be in compliance with SEBI regulations. Currently, promoters are holding 50.13 stake in the company and foreign portfolio investors around 26.48 per cent. Bodies Corporate are holding stake of 6.43 per cent and individuals and others are holding remaining 16.96 per cent.
The company appointed IDFC Bank Ltd for carrying out due diligence as required in terms of the provisions of delisting regulations. The Board also evaluated other options for efficient distribution of the net cash proceeds available with the company to the shareholders, such as distribution of dividend and buy-back of shares etc. or a combination thereof. For complete exist from the company, the price will be finalise through the reverse book-building mechanism. As per the disclosures made by the company during October 2017, the company has net cash proceeds of Rs.2,077 crore, translating to a value of Rs.381 per equity share. Its equity capital stood at Rs.54.57 crore as at the end of March 2017.
During December 2016, Claris has divested its entire Global Generic injectable business to Baxter International Inc, USA for a consideration of Rs.3,271 crore after netting out debt, working capital and other adjustments of Rs.469 crore. The transaction was completed in July 2017.
Further, the company completed the sale of its remaining 20 per cent stake in Otsuka Pharmaceutical India Pvt Ltd; the joint venture with Otsuka Pharmaceutical Factory Inc and Mitsui & Co Ltd for a consideration of US$ 20 million during September 2017. As at the end of March 2017, It has five Indian subsidiaries, fifteen foreign subsidiaries and on e associate company.
The company's consolidated net sales for the year ended March 2017 increased by 14 per cent to Rs.812 crore from Rs.715 crore in the previous year and US sales accounted for 65 per cent at Rs.516 crore. It received approval for 16 ANDAs in US. However, its sales in emerging markets declined by 42 per cent to Rs.167 crore from Rs.288 crore.
After divesting its business, its sales from continuing operations for the first half ended September 2017 was at Rs.7.44 crore and net profit was at Rs.10.53 crore. However, profit from discontinued operations amounted to Rs.2,479 crore and its net profit touched to Rs.1,859 crore. As against the equity capital of Rs.54.57 crore as at the end of September 2017, its reserves & surplus stood at Rs.2,812 crore.
Claris lifesciences, board approves delisting proposal
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