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Our Bureau

Hyderabad , Feb. 25

MERVEN Drug Products Ltd (MDPL) has informed the stock exchanges that its board meeting held on Thursday has approved preferential allotment of shares to various parties including promoters.

The board approved transfer of business of Arch Pharmachem Ltd to it with effect from February 16. It has cleared a resolution for preferential issue of 40,000 equity shares of the face value of Rs 10 each at a premium of Rs 80 a share to the trustee of IVC Employees Welfare Trust on a private placement basis.

A proposal to offer 3-lakh shares of face value Rs 10 each at a premium of Rs 102.50 a share on a preferential allotment basis to the promoters/directors of the company was also cleared. The board also approved a proposal of preferential issue of 158.4-lakh optionally unsecured fully convertible debentures of Rs 10 each at par in the company convertible into 17.6-lakh equity shares of face value of Rs 10 each at a premium of Rs 80 per share against debentures in Arch Pharmachem Ltd held by IL&FS Trust Company Ltd.

Further, the MDPL board approved the notice for convening an EGM for seeking necessary consent from the shareholders.

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