Approves investment upto Rs 150 cr in Shasun Pharma
Sequent Scientific announced that the Board of Directors have approved the following:Investment of upto Rs 150 crore in the equity capital/ convertible warrants of Shasun Pharmaceuticals. The investment is subject to statutory and other approvals, as may be applicable, including approval of shareholders under section 186 of the Companies Act, 2013.
Issue of 2,000,000 warrants on preferential basis to the Promoters/ Promoter Group, subject to the shareholders approval and necessary regulatory approvals. The warrants will be convertible into equivalent number of equity shares of Rs 10 each and will be issued at a price not lower than the price specified in Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and on such further terms and conditions specified in the said guidelines.
Increase in authorised capital of the Company from Rs 32 crore to Rs 40 crore by addition of 8,000,000 equity shares of Rs 10 each and related amendments to Memorandum of Association and Articles of Association of the Company.
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