JHS Svendgaard Laboratories approves overseas issue

JHS Svendgaard Laboratories Ltd has announced that the Board of Directors of the Company at its meeting held on February 05, 2011, has approved to issue Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) or any combination of Securities to any person including foreign / resident investors (whether institutions, incorporated bodies, mutual funds and / or individuals or otherwise subject to the shareholder's approval and other approvals, if any, of the Companies Act and other applicable laws, regulations and guidelines.

The Board has also approved the Notice of the Extra Ordinary General Meeting of the Company which is scheduled to be held on March 03, 2011 to get the necessary Shareholders' approval.

The stock was trading at Rs.89.50, down by Rs.2.65 or 2.88%. The stock hit an intraday high of Rs.92 and low of Rs.89.50.

The total traded quantity was 0.18 lakhs compared to 2 week average of 0.43 lakhs.

Source : Equity Bulls

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