Natco Pharma Ltd approves preferential issue to FII at Rs. 638.40

The Board of Directors of Natco Pharma Ltd have considered the proposal to issue equity shares of Rs. 10 each not exceeding 24,00,000 on preferential allotment basis to CX Securities Ltd., a registered Foreign Institutional Investor at a price of Rs. 638.40 aggregating to Rs. 153.22 crore subject to the approval of the members, due diligence and statutory compliances.

The Board approved proposal to increase the limit of shareholding by NRI/PIO and Registered Foreign Institutional Investors (FIIs) upto 24/49% of the paid up capital of the company.

An Extraordinary General Meeting of the members of the company has been scheduled on November 14, 2013 at 10 AM at Natco House, Road No.2, Banjara Hills, Hyderabad - 500 034.

Shares of Natco Pharma Ltd was last trading in BSE at Rs.699.05, down by Rs.13.25 or 1.86%. The stock hit an intraday high of Rs.728.10 and low of Rs.692.80.

The total traded quantity was 0.65 lakhs as compared to 2 week average of 0.37 lakhs.

Source : Equity Bulls

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