Nectar Lifesciences approves preferential issue to NSR Direct PE Mauritius, LLC

Nectar Lifesciences Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2010, inter alia, has approved the issuance of upto 26,000,000 equity shares of the Company on a preferential basis to NSR Direct PE Mauritius, LLC and/or its affiliates.

The Board also approved issue of GDRs / ADRs/ FCCBs / QIP / fully or partially Convertible Debentures / any other instrument or any other international offering of upto Rs. 250 Crores.

The Board will 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 February 11, 2010.

The Stock closed the day at Rs.38.65, up by Rs.0.75 or 1.98%. The stock hit an intraday high of Rs.39.45 and low of Rs.36.25.

The total traded quantity was 3427479 compared to 2 week average of 834290.

Source : Equity Bulls

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