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C.R. Sukumar

HYDERABAD, Feb. 17

MR R. Sundara Rajan, Managing Director of Medicorp Technologies Ltd, promoted by the Chennai-based Shriram group of companies, has acquired a fresh holding of 3,50,000 shares of the company, accounting for 1.81 per cent on the Rs 19.24 crore paid-up equity capital base of the company.

These shares were acquired from certain entities belonging to the Shriram group, which holds 77.86 per cent under categories of promoters and private corporate bodies.

In a communiqué to stock exchanges, the company said the shares were transferred by certain entities in the Shriram group in favour of Mr Sundara Rajan. This an inter se transfer of shares among the promoters, the company said.

However, Mr Sundara Rajan did not figure in the latest distribution schedule with holding of above one per cent in the company.

According to the distribution scheduled as on December 31, 2002, the promoters group was holding 74.47 per cent and the private corporate bodies belonging to them holding 3.39 per cent, taking the total to 77.86 per cent.

Of this, Mr G.J.R. Krishnan was holding 20-lakh shares constituting 10.39 per cent, Shriram Capital Trust 12.3-lakh shares amounting to 3.69 per cent, Shriram City Union Finance 10-lakh shares comprising 5.2 per cent, Shriram Investments 17.89-lakh shares amounting to 9.3 per cent and Shriram Transport Finance holding similar number of shares with a holding of 9.3 per cent. Under the private corporate bodies category, Shriram Chits holds 3.98-lakh shares amounting to 2.07 per cent, and Shriram Holdings Madras 2.54-lakh shares constituting 1.32 per cent holding.

The Hyderabad-based Matrix Laboratories, which is in the process of merging Medicorp with itself, currently holds 65.22-lakh shares, constituting 33.89 per cent on Medicorp's equity. As against this, the public hold 18.35 per cent in the company.

The merger process of Vorin Laboratories and Medicorp with Matrix is currently awaiting the legal approvals. As per the scheme of amalgamation, Matrix would issue two shares of Rs 10 each for every 13 shares of Rs 10 each of Medicorp and for every 13 shares of Rs 10 each of Vorin.

As on March 31, 2002, Vorin Labs has a paid-up equity base of Rs 8.1 crore, Medicorp Rs 24.24 crore and Matrix Rs 7.19 crore.

The shareholders of Medicorp at an extraordinary general meeting held on November 25, 2002 approved the Scheme of Amalgamation of the Company and Vorin Laboratories with Matrix. The Medicorp shareholder also approved the proposal for shifting of the registered office from Chennai in Tamil Nadu to Hyderabad in Andhra Pradesh.

Medicorp suffered a net loss of Rs 4.83 crore on a turnover of Rs 41.68 crore for the year ended March 31, last year. On an equity base of Rs 19.24 crore, the company's reserves stood at Rs 5.78 crore.

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