Jupiter Bioscience EGM approves preferential issue to Ranbaxy Laboratories, increases FII limit to 70%

Jupiter Bioscience Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 14, 2007, inter alia, have accorded to the following:

1. Subject to Provisions of Section 81 (1A) of the Companies Act, 1956, Subject to Provisions of Reserve Bank of India, Securities & Exchange Board of India and FEMA Guidelines and other Laws in force, the Company may make Preferential Allotment of Equity Share Warrants to the concerned parties as the Board may think appropriate.

2. Increase the Authorised Share Capital of the Company from Rs 20,00,00,000 to Rs 30,00,00,000 by the addition of 1,00,00,000 Equity Shares of Rs 10/- each ranking for dividend and in all other respects pari passu with the existing Equity Shares of the Company & consequential amendments in the Memorandum and Articles of Association of the Company.

3. Authority to the Board to offer, issue and allot upto 31,77,500 Equity Share warrants (each Equity Share Warrant to be converted into one Equity Share) for an aggregate nominal value not exceeding Rs 317.75 Lakhs to be issued at a rate to be calculated as per the Guidelines issued by the SEBI in this regard, on preferential basis to M/s. Ranbaxy Laboratories Ltd, on such terms and conditions and in such tranches as may be decided by the Board in its absolute discretion, subject to necessary provisions and approvals.

4. Under intimation to Reserve Bank of India for facilitating Foreign Institutional Investors, higher investments in the Company's scrip the FII's holdings be enhanced upto 70%, subject to necessary provisions and approvals.

Source : Equity Bulls

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