Sequent Scientific to invest Rs. 150 crores in Shasun Pharmaceuticals Ltd

The Board of Directors of Sequent Scientific Ltd have approved the investment of upto Rs. 150 Crores in the equity capital/ convertible warrants of M/s, Shasun Pharmaceuticals Limited. The investment is subject to statutory and other approvals, as may be applicable, including approval of shareholders under section 186 of the Companies Act, 2013.

The Board approved issue of 2,000,000 warrants on preferential basis to the Promoters/ Promoter Group, subject to the shareholders approval and necessary regulatory approvals. The warrants will be convertible into equivalent number of equity shares of Rs. 10/- each and will be issued at a price not lower than the price specified in Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and on such further terms and conditions specified in the said guidelines.

The Board also approved increase in authorized capital of the Company from Rs. 32 Crores to Rs. 40 Crores by addition of 8,000,000 equity shares of Rs.10/- each and related amendments to Memorandum of Association and Articles of Association of the Company.

Shares of SEQUENT SCIENTIFIC LTD. was last trading in BSE at Rs.255.05 as compared to the previous close of Rs. 251.95. The total number of shares traded during the day was 8053 in over 226 trades.

The stock hit an intraday high of Rs. 256 and intraday low of 248. The net turnover during the day was Rs. 2037900.

Source : Equity Bulls

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