Parenteral Drugs Promoters to dilute stake

Parenteral Drugs India Ltd has announced that the Promoters of the Company, who are presently holding 91,11,310 (81.35%) equity shares of the Company, have been requested by the Company to dilute their shareholding in the Company in line with the requirement of Clause 40A of the Listing Agreement.

Therefore, the promoters have decided to dilute their holding in the Company by sale of their 10,70,853 (9.56%) equity shares in M/s. PDPL Holdings Pvt Ltd and 1,99,147 (1.78%) equity shares in M/s. PDPL Securities Pvt Ltd aggregating to 12,70,000 (11.34%) (twelve lacs seventy thousand) equity shares of the Company through secondary market, thereby reducing the total holding of the promoters in the Company to 78,41,310 (70.01%).

Further note that the promoters shall start selling their shares from December 14, 2007 through the secondary market and the shares shall be available to all interested investors for purchase.

The stock was trading at Rs.115.60, up by Rs.5.50 or 5%. The stock hit an intraday high of Rs.115.60 and low of Rs.110.45.

The total traded quantity was 10534 compared to 2 week average of 4132.

Source : Equity Bulls

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