The Hindu Business Line : Matrix Labs pref shares priced at Rs 1,500

MATRIX Laboratories Ltd has signed an agreement with India Newbridge Investments Ltd, of the US-based Newbridge Capital, and Maxwell (Mauritius) Pte Ltd, an investment vehicle of the Singapore Government-owned Temasek Holdings, for the issue of 11,25,000 equity shares each to the two strategic investors at a price of Rs 1,500 per share on preferential basis.

In a press release here on Friday, MLL said the agreements with the two strategic investors would enable it to initiate the allotment process.

It has called for an extraordinary general meeting (EGM) on May 15 to seek a fresh approval from the shareholders for the preferential issue in view of the latest amended guidelines of the Securities Exchange Board of India (SEBI), which stipulate that the preferential allotment should be completed within a period of 15 days from the date of passing the resolution by the shareholders. The EGM nod has been necessitated afresh since the 15 days period lapsed after the passing of the old resolution at the EGM held on March 26.

Further, in view of the investments by the strategic investors, MLL has decided to reconstitute its board of directors with the induction of Mr Puneet Bhatia, Dr Fred Cohen and Mr S. Iswaran as directors, the release said.

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