Ortin Laboratories to acquire Vineet Laboratories Pvt. Ltd.

Ortin Laboratories Ltd has announced that the Board of Directors of the Company at its meeting held on July 21, 2010, inter alia, has decided to acquire M/s Vineet Laboratories Private Limited by way of merger / amalgamation.

For this purpose, the Board has appointed M/s M.M. Reddy & Co., Chartered Accountants, Hyderabad to conduct valuation of companies and make out a valuation report in order to finalise swap ratio. Managing Director of the company was further authorsied to take all such necessary steps as may required to implement the decision of the Board for the merger.

M/s Vineet Labs is an unlisted company is located in the State of Andhra Pradesh and is engaged in Manufacturing of Fine Chemicals, Custom Synthesis and Specialized in making Bulk Drug Intermediates like Anti Retro Vitals and Lipid Lowering Agents etc. It has recorded a turnover of Rs. 37 crores with a net profit of Rs. 3.69 crores for financial year 2008-09 and a turnover of Rs. 48 crores with a net profit of Rs. 4.10 crores for the financial year 2009-10.

The stock was trading at Rs.30.10, down by Rs.1.10 or 3.53%. The stock hit an intraday high of Rs.32.75 and low of Rs.29.65.

The total traded quantity was 0.72 lakhs compared to 2 week average of 0.19 lakhs.

Source : Equity Bulls

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