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Saturday, Nov 27, 2004

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Corporate - Preferential Allotments

Neuland Labs calls EGM for pref allotment

Our Bureau

Hyderabad , Nov. 26

NEULAND Laboratories Ltd (NLL), the city-based pharmaceutical company. has informed stock exchanges that its extraordinary general meeting (EGM) would be held on December 17 to obtain the approval of shareholders for the proposed preferential offer to the promoters and others.

The company proposes to issue not exceeding 2.75 lakh warrants to the promoters Dr D.R. Rao and Sucheth & Saharsh Holdings Pvt Ltd on preferential allotment basis in one or more tranches.

Each warrant entitles the holder to one equity share of Rs 10 each at a premium of Rs 238.20 aggregating Rs 6.82 crore.

The conversion into equity shares would be made within a period not exceeding eighteen months from the date of allotment of the warrants, the company said.

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