Morepen Laboratories EGM approves issue of securities on preferential basis

Morepen Laboratories Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 04, 2007, inter alia, have accorded to the following:

1. The Authorised Share Capital of the Company has been increased from Rs 85 Crore to Rs 205 Crore only.

2. The Issuance of the Securities on Preferential basis has been approved with the following modifications:

a. The Board of Directors of the Company has been authorized to offer, issue and allot upto 2,25,00,000 Equity Shares of Rs 2/- each instead of the 2,19,90,000 Equity Shares.

b. The issuance of 6,00,00,000 convertible warrants, out of the total 7,36,50,000 convertible warrants, marked to be allotted to the Promoters has been approved to be allotted to "Promoters / Any Other Investor".

c. The Board of Directors of the Company has been authorized to offer, issue and allot upto 92,00,000, 0.01% Optionally Convertible Preference Shares of Rs 100/- each instead of the 89,14,387 0.01% Optionally Convertible Preference Shares.

d. The name of "Standard Chartered Bank & its Associates" has been modified to be read as "Standard Chartered Bank, its Subsidiaries, Associates & Nominees in India and abroad".

3. The Annulment of the Resolution passed in the Annual General Meeting held on September 27, 2006 concerning reduction in Share Premium Account has bee approved.

Source : Equity Bulls

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