Date:14/12/2005 URL: http://www.thehindubusinessline.com/2005/12/14/stories/2005121402901500.htm

Back Merven cancels pref offer to Olympus

Our Bureau

Hyderabad , Dec. 13

MERVEN Drug Products Ltd has informed the stock exchanges that its annual general meeting held on December 9 has declared cancellation of resolution for issue of 23.9-lakh equity shares of Rs 10 each of the company at a premium of Rs 110 per share proposed to the Mauritius-based Olympus Medica Holdings Ltd.

However, the company did not provide the reasons for cancellation of issue of shares.

The company said its shareholders have approved a resolution to issue 1-crore redeemable preference shares carrying a coupon of 7.5 per cent to Arch Financial Services (Bombay) Pvt Ltd, which would be redeemable within a period of 36 months.