Orchid Chemicals allots 4179000 equity shares

Orchid Chemicals & Pharmaceuticals Ltd has announced that the Allotment Committee of the Board of Directors of the Company at its meeting held on August 29, 2008, have allotted 41,79,000 equity shares of Rs 10 each at a price of Rs 202.58 per share pursuant to conversion of warrants by the Promoter/Promoter Group.

Ms. Divya R was allotted 22,62,500 shares, Ms. Sowmya R - 18,81,500 shares and Dr. M R Girinath - 35,000 shares.

The equity shares allotted would be subject to lock-in till February 28, 2010.

Also, the Allotment Committee of the Board of Directors of the Company at their meeting held on August 29, 2008 have allotted 1500 equity shares of Rs 10 each in favour employees at a price of Rs 193.25 per share under ESOP 2005 Scheme.

The shares allotted under the ESOP scheme would be subject to a lock-in for a period of 1 year from the date of allotment.

Consequent to these allotments, the paid-up capital of the Company has increased from Rs 662,615,760 to Rs 704,420,760.

Source : Equity Bulls

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