Shasun Pharmaceuticals Ltd to issue shares, warrants to Sequent Scientific Ltd

The Board of Directors of Shasun Pharmaceuticals Ltd at its meeting held on April 23, 2014 has decided to issue and allot securities on preferential basis to Sequent Scientific Ltd, subject to necessary approvals.

The company has proposed to allot 35,00,000 equity shares of Rs 2 each at a price of Rs. 110 per share (including the premium of Rs. 108 per share) to M/S. Sequent Scientific Ltd, having its registered office at Mumbai.

The company has also proposed to allot 71,00,000 convertible warrants of Rs 110 each, with each warrant convertible into one equity share of Rs 2 each to M/S. Sequent Scientific Ltd, having its registered office at Mumbai.

The above mentioned equity shares and convertible warrant prices are not less than the price determined in accordance with the SEBI Guidelines. The convertible warrants will be converted into equity shares in line with the SEBI Guidelines. Extra Ordinary General Meeting (EGM) is being convened on May 21, 2014 to obtain the requisite approval of the shareholders.

Shares of SHASUN PHARMACEUTICALS LTD. was last trading in BSE at Rs.123.7 as compared to the previous close of Rs. 117.05. The total number of shares traded during the day was 908332 in over 20319 trades.

The stock hit an intraday high of Rs. 125.4 and intraday low of 114.5. The net turnover during the day was Rs. 110815869.

Source : Equity Bulls

Keywords