Jupiter Bioscience approves agreement with Ranbaxy, to issue shares to promoters

The Board of Directors of Jupiter Bioscience Ltd at its meeting held on April 12, 2007, inter alia, has decided the following:

1. 1750000 equity shares of Rs 10/- each with a premium of Rs 136/- per share are allotted to the Promoter of the Company Mr. Venkat R Kalavakolanu as Preferential Allotment.

2. Approval and Ratification of the term sheet signed between Ranbaxy Laboratories Ltd and the Company on the following subject:

a. Strategic Business alliance on the Peptide Pharmaceutical for the Global Market.

b. Approval of Allotment of Equity Share Warrants subject to the approval of Share Holders in Extra Ordinary General Meeting, on Preferential basis with a initial payment of 20% to the extent of 14.9% post expanded equity after Qualified Institutional Placement and post conversion of Promoter Warrants into Equity Shares.

3. The Board has decided to convene the Extra Ordinary General Meeting of the Company on May 14, 2007 for the purpose of the above mentioned business.

The stock was trading at Rs.158.9, up by Rs.4.30 or 2.78% The stock hit an intraday high of Rs.158.9 and low of Rs.151. The total traded quantity was 49110 compared to 2 week average of 310941.

Source : Equity Bulls

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