Financial Daily from THE HINDU group of publications
Tuesday, May 31, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 31, 2005 |
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Markets
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Preferential Allotments Elder makes pref allotment to Citicorp Our Bureau
Mumbai , May 30 THE Mumbai-based pharma company, Elder Pharmaceuticals Ltd, has made a preferential allotment of shares and warrants to Citicorp International Finance Corporation (CIFC), part of Citigroup Global Investments. The drug company plans to use part of the proceeds of Rs 24.2 crore for the acquisition of brands, a company communiqué said. Elder had recently issued and allotted 12,80,000 equity shares and 4,50,000 warrants of the company to CIFC. Promoters now hold 30 per cent equity in the company, according to a spokesperson for Elder Pharma. The shares have been allotted at Rs 182 per share and the warrants carry an option to convert into equity shares at Rs 200 per share any time within 18 months from their allotment, the company note said.
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