Torrent Pharmaceuticals, a manufacturer of wide range of pharmaceutical products, on Thursday said that its board has approved the scheme of amalgamation of Zyg Pharma with the company.
''The board of directors of the company has approved the scheme of amalgamation of Zyg Pharma, a wholly owned subsidiary of the company with Torrent Pharmaceuticals,'' the company said.
The amalgamation is subject to regulatory approvals, it added.
The proposed amalgamation would result in concentrated management focus and synergies of operations and facilitating inter transfer of resources and optimum utilisation of assets.
The company expects reduction in multiplicity of legal and regulatory compliances to effectively address emerging challenges of enhanced competitive scenario in the markets.
Zyg Pharma is engaged in manufacturing various dermatological formulations like creams, ointments.
Shares of the company gained Rs 17.9, or 1.18%, to trade at Rs 1,529.00. The total volume of shares traded was 4,275 at the BSE (10.08 a.m., Friday).