Vivimed Labs to issue warrants, raise US$ 75 million through overseas issue

Vivimed Labs Ltd has announced that the Board of Directors of the Company at its meeting held on December 02, 2006, has passed resolution unanimously to call for and convene Extra Ordinary General Meeting of the members on December 30, 2006 to obtain consent/approval of the members for:

1. Preferential issue of Share Warrants, convertible into equity shares at a issue price to be determined in accordance with the relevant SEBI Guidelines, at the option of Warrant holders, within 18 months from date of allotment of the Warrants, at one Equity Share of Rs 10 each fully paid-up for each Warrant.

- For allotment to persons other than Promoters, up to 14,10,000 Share Warrants.

- For allotment to promoters of the Company, up to 4,70,000.

2. Issue of Foreign Currency Convertible Bonds / ADRs / GDRs / QIPs of the aggregate value of US $ 75 million in one or more tranches in supercession of approval / consent already given by members in Extra Ordinary General Meeting held on June 12, 2006.

Source : Equity Bulls

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