Financial Daily from THE HINDU group of publications
Tuesday, Aug 30, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 30, 2005 |
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Markets
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Foreign Institutional Investors Corporate - Announcements Jubilant AGM okays share allotment to General Atlantic Our Bureau
New Delhi , Aug. 29 THE shareholders of Jubilant Organosys Ltd today approved the allotment of 9,90,000 equity shares to GA European Investment Ltd (affiliate of General Atlantic, LLC) at Rs 1,100 per equity share of Rs 5 each amounting to Rs 100 crore. GA currently holds 5.06 per cent equity in the company and after this fresh allotment, its stake will go up to 8.45 per cent of the enhanced equity. These funds will be utilised for capital expenditure for organic growth and acquisitions. At the company annual general meeting (AGM) held on Monday, the Board's recommendation of increasing the foreign institutional investor (FII) holding to 45 per cent was also cleared. Also, as part of a set of initiatives to ensure that its people and processes remain tuned to the needs of a rapidly growing and international business organisation, Jubilant has introduced an ESOP to attract, retain, and motivate employees to and contribute and share the planned growth. The AGM also approved the dividend of 125 per cent recommended by the Board for financial year 2005. Addressing shareholders, Mr Shyam Bhartia, Chairman, said that the company is consolidating as outsourcing partner for the global pharma and life sciences industry. "Jubilant's portfolio of offerings now covers the entire spectrum along the pharma value chain, from drug discovery services to APIs (active pharmaceutical ingredient) and CRAMS (contract research and manufacturing) to regulatory services and finished dosage forms. It is also planning to grow its pharma and life sciences business through acquisitions. Jubilant's acquisition of two pharma companies in Europe and a generic pharma company in the US has strengthened its ability to target international regulated markets and enter lucrative markets more effectively, he added.
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