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HYDERABAD

: The board of directors of Matrix Laboratories Ltd has decided to raise funds of up to $200 million through overseas offering.

The company has informed the stock exchanges that the board has agreed in-principle to raise up to $200 million by way of GDR/ADR/FCCB or shares on preferential basis or a combination, subject to approval of the shareholders.

The company proposes to utilise these proceeds for repayment of its bridge and/or term loans and also to meet future growth requirements. The board has also approved in principle for considering employee stock option plan (ESOP) to the employees of subsidiary companies, subject to approval of the shareholders. The company proposes to hold an extraordinary general meeting on March 1 for obtaining the requisite approvals of the shareholders.

(This article was published in the Business Line print edition dated February 1, 2006)
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