STRIDES ARCOLAB LTD. - Update on Scheme of Amalgamation of Shasun Pharmaceuticals Limited with Strides Arcolab Limited ("Scheme of Amalgamation")

Strides Arcolab Ltd has informed BSE that :<BR><BR>"The Company had made an application to Foreign Investment Promotion Board (FIPB) seeking approval for issuing equity shares to non-resident shareholders of Shasun Pharmaceuticals Limited under the proposed Scheme of Amalgamation and the application was considered by the FIPB at their meeting held on May 28, 2015.<BR><BR>The Press Information Bureau, Government of India, has issued a press release dated June 17, 2015 on the outcome of the FIPB meeting held on May 28, 2015 which stated that our application has been rejected. The Company is awaiting a formal communication from FIPB in this regard."