Avon Organics to issue 98,09,100 shares to Arch Pharmalabs Ltd at Rs 20

Avon Organics Ltd has announced that the Board of Directors of the Company at its meeting held on November 03, 2007, subject to the approval of shareholders, have considered to issue 98,09,100 equity shares of Rs 10 each fully paid to Arch Pharmalabs Ltd (Non Promoter) at Rs 20/-. This will attract SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and accordingly Arch Pharmalabs Ltd will comply with the guidelines of Takeover.

The Extraordinary General Meeting to seek the approval of the shareholders is convened to be held on December 03, 2007.

The Stock closed on Friday at Rs.17.05, up by Rs.0.80 or 4.92%. The stock hit an intraday high of Rs.17.05 and low of Rs.17.05.

The total traded quantity was 91950 compared to 2 week average of 31995.

Source : Equity Bulls

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