Aurobindo Pharma gets Andhra High Court nod for Curepro deal

Aurobindo Pharma on Monday said the Andhra Pradesh High Court has approved the deal between the company and its wholly-owned subsidiary Curepro Parenterals.

Under the Scheme of Arrangement, Aurobindo would transfer its injectables Unit IV to Curepro, and the same is to be effective from April 1, 2014.

"...the Hon'ble High Court of Judicature of Andhra Pradesh at Hyderabad has sanctioned the Scheme of Arrangement between Aurobindo Pharma Ltd and Curepro Parenterals Ltd and their respective shareholders and creditors," Aurobindo Pharma said in a filing to the Bombay Stock Exchange.

The company will take necessary steps to make the scheme effective and intimate the exchanges accordingly, it said.

Aurobindo Pharma shares were trading at Rs 582.20 apiece on BSE, down 0.67 per cent from its previous close.