Strides Arcolab EGM approves issue of 5,600,000 warrants

Strides Arcolab Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on May 09, 2007, inter alia, have approved the following:

1. Issue of upto 5,600,000 warrants convertible into equivalent number of equity shares to the Promoter Group in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 at a price (inclusive of premium) not less than the minimum price arrived at in accordance with the provisions of Chapter XIII of the SEBI DIP guidelines.

2. Investment of upto Rs 100 Crores in the share capital of Grandix Pharmaceuticals Ltd.

The stock closed the day at Rs.323.55, up by Rs.15.90 or 5.17%. The total traded quantity was 20485 compared to 2 week average of 10252. The stock hit an intraday high of Rs.325.95 and low of Rs.305.10.

Source : Equity Bulls

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