The Hindu Business Line : Merven Drug plans preferential issue

MERVEN Drug Products Ltd (MDPL) is holding its board meeting on February 24 to consider the transfer of business of Arch Pharmachem and for offering preferential shares to various parties.

The company has informed the stock exchanges on Friday that the board would consider transfer of business of Arch Pharmachem Ltd with effect from February 16. A proposal would also be considered to go in for preferential issue of 2.4 lakh equity shares of the face value of Rs 10 each at a premium of Rs 80 per share to SARA Fund Trustee Company Ltd on a private placement basis.

The board would also take up the proposal for preferential issue of 40,000 equity shares of the face value of Rs 10 each at a premium of Rs 80 per share in favour of IVC Employees Welfare Trust on a private placement basis.

The MDPL board would also consider another proposal for preferential issue of 3 lakh equity shares of the face value of Rs 10 each at a premium of Rs 102.50 per share to the promoters/directors of the company.

Further, the board would take up the issue of preferential offer of 158.4 lakh optionally unsecured fully convertible debentures of Rs 10 each at par in the company convertible into 17.6 lakh equity shares of face value of Rs 10 each at a premium of Rs 80 per share against debentures in Arch Pharmachem Ltd held by IL&FS Trust Company Ltd.

It would also convene an extraordinary general meeting for seeking consent from the shareholders for issuance of equity shares and optionally unsecured fully convertible debentures on preferential basis.

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