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Our Bureau

Bangalore, May 9

Strides Arcolab Ltd will invest up to Rs 100 crore in the acquisition of Grandix Pharmaceuticals Ltd, Chennai, according to its notification to the BSE. The proposal was approved at Wednesday's EGM. The Bangalore-based pharma company plans to enter the domestic market through Grandix brands.

The meeting also cleared the issue of up to 56 lakh warrants convertible into equivalent number of equity shares to the promoter group in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000. This would be at a price (inclusive of premium) not less than the minimum price arrived at.

By another EGM to be held on May 28, it would seek "to create, offer, issue, allot and deliver in one or more tranches up to 5,200,000 (52 lakh) 5 per cent fully convertible debentures (FCDs) to Latin American associate Elcemar Almeida and Associates at a price (inclusive of premium) of Rs 400 per FCD, with each FCD convertible into one equity share Rs 10 each of the company, on such terms and conditions as may be determined by the board in accordance with the SEBI DIP guidelines."

More Stories on : Mergers & Acquisitions | Pharmaceuticals

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