PI Drugs allots shares on merger of Sequent Scientific Ltd

PI Drugs & Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on September 22, 2009, inter alia, has allotted shares on merger.

Pursuant to the Scheme of amalgamation of M/s. Sequent Scientific Ltd. with the Company, as approved by the Hon'ble High Court, Bombay vide its order dated June 16, 2009, on filing of Court order with the Registrar of Companies on September 16, 2009, the effective date of the Scheme is September 16, 2009.

Pursuant to the Scheme of amalgamation of M/s. Sequent Scientific Ltd. with the Company 10,150,000 equity shares of Rs. 10/- each were allotted to the Shareholders of M/s. Sequent Scientific Ltd., the transferor Company.M/s. Fraxis Life Sciences Pvt. Ltd was allotted 8983333 shares, out of which 2537500 shares are locked-in. M/s. Primera Partners Pte. Ltd. was allotted 1166667 shares.

The stock was trading at Rs.62.20, down by Rs.1.60 or 2.51%. The stock hit an intraday high of Rs.64.90 and low of Rs.61.15.

The total traded quantity was 2829 compared to 2 week average of 3901.

Source : Equity Bulls

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