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Vimta Labs plans to raise Rs 125 cr
Our Bureau
Hyderabad
,
Jan. 9
AIMED at funding the second phase of expansion, the board of directors of Vimta Labs Ltd (VLL) has decided to raise funds of up to Rs 125-crore.
In a press release here on Monday, the company said its board has decided to raise funds from private, domestic/international investors through issue of equity shares or any other instruments including GDR/ADR/warrants convertible into equity shares, subject to necessary approvals from shareholders and statutory bodies.
The company said the first phase of expansion plan was nearing completion at Genome Valley here. The company expects the trial operations to commence during February and formally inaugurate the facility in March.
Share split: The VLL board has also decided to split the existing equity shares of the face value of Rs 10 each into five equity shares of Rs 2 each, subject to shareholders' approval.
For the third quarter of current fiscal ended December 2005, the company has posted a net income of Rs 13.64 crore compared to Rs 13.07 crore in the corresponding quarter of previous fiscal, profit before taxation of Rs 4.88 crore (Rs 5.65 crore) and a net profit of Rs 3.21 crore (Rs 3.61 crore), yielding an EPS of Rs 8.91 (Rs 10) on a paid-up equity of Rs 3.6 crore.
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