The Hindu Business Line : Jupiter Bio makes pref offer to Ranbaxy

Hyderabad May 15 Jupiter Bioscience Ltd has decided to raise the authorised share capital of the company from Rs 20 crore to Rs 30 crore. The increase would be through the addition of equity shares of Rs 10 each, as per its company rules and which would be eligible for dividend, etc, on par with the existing equity shares.

The extraordinary general meeting held on Monday also gave the authority to the company board to offer, issue and allot up to 3.77 lakh equity share warrants (each warrant to be converted into one equity share) for an aggregate nominal value not exceeding Rs 317.75 lakh to be issued at a rate to be calculated as per the guidelines issued by the SEBI in this regard, on preferential basis to Ranbaxy Laboratories Ltd.

The terms and conditions and in such tranches would be decided by the board, subject to necessary provisions and approvals. Further, the EGM allowed the board to make preferential allotment of equity share warrants to concerned parties if thinks appropriate.

With due intimation to the Reserve Bank of India for facilitating foreign institutional investors, higher investments in the company's scrip, the FIIs holdings could be enhanced up to 70 per cent, subject to necessary provisions and approvals, a company notice to the stock exchange said.