Natco Pharma shareholders approve amalgamation of Organics subsidiary

Drug firm Natco Pharma on Monday said it has received shareholders' approval for amalgamation of its subsidiary Natco Organics into the company.

"As per consolidated results of postal ballot and e-voting, the resolution for the scheme of amalgamation of Natco Organics Ltd (a wholly owned subsidiary company) into the company had been passed by overwhelming majority," Natco Pharma said in a filing to the BSE.

The resolution was passed with a majority of 99.94 of votes polled in favour of the resolution, while 0.02% votes dissented with it, the company added.

Invalid postal ballot forms comprised 0.04% of the total shares polled, Natco said.

Shares of Natco Pharma on Monday closed at Rs 526.65 per scrip on BSE, down 3.34% from its previous close.