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Our Bureau

Hyderabad , May 28

MATRIX Laboratories Ltd has announced its decision to prepay all its long-term loans estimated at about Rs 68 crore from the proceeds of the preferential offer.

In a statement, the Matrix management said that the company has completed allotment of 11,25,000 equity shares each to India Newbridge Investments Ltd, an investment arm of the US-based Newbridge Capital and Maxwell (Mauritius) Pte Ltd, an investment vehicle of Singapore Government-owned Temasek Holdings. This was for a price of Rs 1,500 per share aggregating to Rs 337.50 crore.

The Matrix management expects to complete the prepayment of the long-term loans in a month's time, and the surplus funds would be invested in liquid funds and mutual funds, as they are considered safe, for the time being.

Pursuant to the allotment of equity shares to the strategic investors, the paid up capital of the company has gone up to Rs 14.54 crore with two strategic investors holding 7.73 per cent stake each.

More Stories on : Announcements | Pharmaceuticals

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