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Our Bureau

Hyderabad , March 20

The shareholders of Vimta Labs Ltd at an extraordinary general meeting held on Saturday, approved the proposed preferential offer of equity shares of Rs 10 each at a premium of Rs 950 per share (five shares of Rs 2 each on sub-division at a premium of Rs 190 a share).

The board was authorised to issue 2.33 lakh shares each to India Fund Inc of the New York-based Black Stone Group and to the Mauritius-based Voyager Fund Mauritius Ltd; 93,231 equity shares in favour of the Mauritius-based Minivet Ltd; 1.77 lakh shares to Franklin Templeton Asset Management (India) Pvt Ltd (Franklin India Smaller Companies Fund) and another 4.43 lakh equity shares to Franklin Templeton Asset Management (India) Pvt Ltd (Franklin India Prima Fund).

These allotments would result in an aggregate of 8.25 lakh equity shares amounting to Rs 78.41 crore as a first tranche of the total proposal of Rs 125 crore approved by the shareholders earlier.

Accordingly, the board was authorised to increase the limit of investment by foreign institutional investors including their sub-accounts registered with SEBI in the equity shares of the company either by direct purchase or acquisition from the open market under the portfolio investment scheme under FEMA from 24 per cent to 49 per cent of the paid-up equity share capital subject to necessary approvals & provisions.

More Stories on : Preferential Allotments | Pharmaceuticals

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