Kopran spins off penicillin unit

MUMBAI, May 21: The Rs 343-crore Kopran Ltd has restructured its business by spinning off its semi-synthetic penicillin SSP business into a new company and transferring its research-and-development Ramp;D activities into a wholly owned subsidiary.

The spin-off will make it possible for Kopran to integrate further into penicillins through a joint venture or strategic alliance.

The new SSP entity, Kopran Drugs, will allot shares free of cost to the shareholders of Kopran Ltd, in the ratio based on their holdings as on the record date. This will also ensure automatic listing of the new company8217;s shares, subject to the SEBI approval.