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HYDERABAD: Pharmaceutical company Avon Organics Ltd has informed the stock exchanges that its shareholders, at an extraordinary general meeting, had authorised the company's board of directors to issue 15 lakh warrants convertible into 15 lakh equity shares, of the face value of Rs 10 each, for cash to promoters, their relatives and directors in one or more tranches, at a price not exceeding Rs 70 per share, subject to SEBI guidelines on preferential offers.

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