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Hyderabad, July 17

The board of directors of Zenotech Laboratories Ltd (ZLL) at a meeting here on Monday has approved offering equity stake of up to 6.94 per cent to Ranbaxy Laboratories Ltd.

The ZLL board has cleared preferential allotment of 20-lakh equity shares of Rs 10 each at an offer price of Rs 100 per share (including premium) to Ranbaxy to raise funds of Rs 20 crore.

To seek the approval of its shareholders for the offer, Zenotech has called for a EGM on August 10.

(This article was published in the Business Line print edition dated July 18, 2006)
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