Celestial Labs to issue Sweat Equity Shares on Preferential Basis to the Promoter

Celestial Labs Ltd has announced that the Board of Directors of the Company have, subject to the consent of the members and statutory authorities, approved to offer, issue and allot Equity Shares of the Company as Sweat Equity Shares, against the acquisition of the Ownership rights of Intellectual Property Assets (Software Programmes) developed and owned by Dr. Aditya Narayan Singh, the promoter and the Managing Director of the Company as a preferential allotment of its fully paid up equity shares to ANS in lieu of the compensation valued at Rs 8.175 Crores for transfer of the aforesaid assets to the Company by Dr. Aditya Narayan Singh.

The Company will issue the shares at the price arrived in terms of Regulation 7 of Chapter II of the SEBI (Issue of Sweat Equity) Regulations, 2002.

Source : Equity Bulls

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