Date:23/03/2005 URL: http://www.thehindubusinessline.com/2005/03/23/stories/2005032301920300.htm

Back Merven Drug shareholders okay pref allotment

Our Bureau

Hyderabad , March 22

THE shareholders of Merven Drug Products Ltd (MDPL), the Hyderabad-based pharma company, at their extraordinary general meeting (EGM) held here on Tuesday have approved preferential allotment to various investors.

The members have approved preferential issue of 2.4-lakh and 40,000 equity shares of the face value of Rs 10 each at a premium of Rs 80 per share to SARA Fund Trustee Company Ltd and to The Trustees of IVC Employees Welfare Trust respectively.

The shareholders also okayed a proposal to offer 3-lakh equity shares of the face value of Rs 10 each at a premium of Rs 102.50 per share to the promoters and directors of the company.

Further, a proposal for preferential issue of 1,58,40,000 optionally unsecured fully convertible debentures of Rs 10 each at par convertible into 17,60,000 equity shares of the face value of Rs 10 each at a premium of Rs 80 per share against debentures in Arch Pharmachem Ltd held by IL&FS Trust Company Ltd, was okayed the company informed the stock exchanges.