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Panacea Biotec Ltd. - Outcome of Board Meeting

| Updated on February 26, 2019 Published on February 26, 2019

Pursuant to Reg. 30 of SEBI Listing Regulations, 2015, we would like to inform you that the Board of the Company has, at its meeting held today, inter-alia, considered and approved the following:-
1. One time settlement with the consortium of lenders of the Company.
2. Raising of funds through issue of Listed/Unlisted, Secured/Unsecured Redeemable Non-Convertible Debentures, aggregating upto Rs.864 Crore
3. Demerger of real estate business of the Company through Scheme of Arrangement (with few modifications in the Scheme of Arrangement which was earlier approved by the Board on 13.09.2017) subject to applicable approvals.
4. Notice of EGM of the Company, inter-alia, covering:
a. Raising of funds through issue of warrants by issuing up to 71,11,111 warrants of Rs.180 each, exercisable into equal number of Equity Shares of face value of Re.1/- each of the Company on a preferential basis amounting upto Rs.128 Crore; and
5. Transfer of the pharmaceutical formulations business of the Company to a wholly owned subsidiary of the Company (to be incorporated), as a going concern.
The meeting of the Board commenced at 11:30 A.M. and concluded at 05:00 P.M.

Pdf Link: Panacea Biotec Ltd. - Outcome of Board Meeting

Source : BSE - www.bseindia.com

Published on February 26, 2019
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