Morepen Laboratories to issue shares, warrants

Morepen Laboratories Ltd has announced that in furtherance to the implementation of the CDR Package the Board of Directors of the Company at its meeting held on March 31, 2007 has revisited in detail the Investment proposals and reviewed the compliances made in this regard. The following decisions were taken in the Board Meeting;

1. The investment proposal of Avenue Asia Fund, in view of the need to adhere to the timelines drawn, not to be proceeded with.

2. The Board approved the issuance of upto 2,44,90,000 Equity Shares and 5,36,50,000 Warrants with rights attached to subscribe to equity shares, to new investors, existing bankers / Financial Institutions and Promoters at a price of Rs 20/- only which is a price based on SEBI formula, subject to the Shareholders approval.

3. The Shareholders approval be sought by convening the Extra Ordinary General Meeting.

Source : Equity Bulls

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