Gufic Biosciences to merge Gufic Stridden Bio-Pharma with self

New Delhi : Drug firm Gufic Biosciences said its board has approved the Scheme of Amalgamation of Gufic Stridden Bio-Pharma with the company.

"The board of directors of the company has approved the Scheme of Amalgamation of Gufic Stridden Bio-Pharma Pvt Ltd with the company, subject to the necessary approvals," Gufic Biosciences said in a filing to BSE.

The transaction is a related party transaction, it added.

"Post merger, the shareholders of the transferor company would be issued shares of the transferee company based on the valuation report from independent chartered accountant," Gufic Biosciences said.

In a separate filing, the company said its board has appointed Gopal Daptari as additional independent director with immediate effect up to the conclusion of the ensuing annual general meeting.

Shares of Gufic Biosciences were trading at Rs 46.35 per scrip in the afternoon trade on BSE, up 1.42 per cent from its previous close.