Bliss GVS Pharma takes over GVS Labs, to issue shares at Rs.60

Bliss GVS Pharma Ltd has announced that the Board of Directors of the Company at its meeting held on January 15, 2007, inter alia, has approved the followings:

1. The take Over of GVS Labs of Mr S N Kamath for a consideration of Rs 16 Crore. The entire consideration will be paid by way of issue of 26,66,667 shares on a preferential basis to Mr Kamath at a price of Rs 60/- each (at a premium of Rs 50/- each) and the appointed date for the take over of GVS Lab will be effective from April 01, 2006.

2. The Extra Ordinary General meeting of the company will be held on February 15, 2007 to consider the followings:

a. Increase of Authorized Capital of the Company to Rs 10 Cr.

b. Allotment of 26,66,667 shares on a preferential basis to Mr Kamath at a price of Rs 60/- each (at a premium of Rs 50/- each).

Source : Equity Bulls

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