Prudential Pharmaceuticals to allot shares to Arun Jain, to change name as Gennex Laboratories Ltd

Prudential Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on July 16, 2007, has transacted the following:

1. Discussed and approved in principle, the investment and management proposals received from Mr. Arun Jain, Chairman of Innovesco Group of Companies, Singapore and his Associates and decided to allot 30% of the expanded Equity capital of the Company to Mr. Arun Jain & his Associates and / or their SPV in India on preferential basis at a price to be determined after receipt of the valuation report.

2. The Board further decided to appoint M/s. Laxmi Niwas & Jain, Chartered Accountants Hyderabad for the purpose of valuation of the business of the Company and to determine the quantum of investment to be brought in by M/s. Arun Jain & Associates.

3. The Board also decided to change the name of the Company to "Gennex Laboratories Ltd" to reflect the nature of the business to be carried on by the Company.

The stock closed the day at Rs.28.20, down by Rs.0.15 or 0.53%. The stock hit an intraday high of Rs.28.85 and low of Rs.28. The total traded quantity was 83574 compared to 2 week average of 263311.

Source : Equity Bulls

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