Nectar Lifesciences to issue shares

Nectar Lifesciences Ltd has announced that the Board of Directors of the Company at its meeting held on August 22, 2008, has approved the signing of non binding term sheets for issue of preferential equity with Citi Venture Capital International and Everest Capital (M) Ltd.

The issue of GDRs/ ADRs/ or any other international offering up to 50 Million US Dollars.

To seek approval of shareholders for the above purposes u/s 81(1A) of the Companies Act, 1956, an Extra - Ordinary General Meeting of the Company is proposed to be convened on September 16, 2008.

The stock was trading at Rs.366.95, down by Rs.10 or 2.65%. The stock hit an intraday high of Rs.388 and low of Rs.363.

The total traded quantity was 147921 compared to 2 week average of 154234.

Source : Equity Bulls

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