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Tuesday, Mar 23, 2004

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Corporate - Preferential Allotments

Merven Drug allots share warrants to fund cos

Our Bureau

Hyderabad , March 22

MERVEN Drug Products Ltd (MDPL), a Hyderabad-based pharmaceutical company into which Arch Commerz got reverse merged, has informed the stock exchanges that its board of directors has approved the allotment of share warrants to ICICI Venture Fund and the Mauritius-based Swiss Tec Venture Capital Fund Pvt Ltd.

According to the company, the board has allotted 5,67,324 warrants to India Advantage Fund-II, represented by ICICI Venture Funds Management Company Ltd, and 90,00,000 cumulative convertible preference shares to Swiss Tec Venture Capital Fund.

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