Renata Ltd is going to take over its two subsidiaries -- Purnava Ltd and Renata Agro Industries -- after securing approval from the High Court Division of the Supreme Court of Bangladesh.

The listed drug maker disclosed this information in a posting on the Dhaka Stock Exchange (DSE) yesterday.

In this respect, the draft scheme of amalgamation was unanimously approved by the company's board of directors, the disclosure said.

Purnava Ltd promotes non-medicated healthcare solutions such as mosquito repellents, hand sanitizers and so on.

Renata Agro Industries is an integrated poultry farm that produces day-old chicks and is engaged in commercial broiler operations.

Earlier, the company got the nod to amalgamate with its subsidiary Renata Oncology from the High Court.

A top official of the company, preferring anonymity, said the amalgamation is for nothing else but reducing extra hassles.

"As extra financial reports need to be prepared for the subsidiaries, which also meet other formalities separately, the amalgamation will reduce our official activities," he added.

At present, Renata's paid-up capital is Tk 107 crore and it has a reserve of Tk 2,458 crore.

The company's stocks fell 0.47 per cent to Tk 1,356 yesterday, according to DSE data.