Matrix Labs to raise $200mn

The board of directors of Matrix Laboratories, which met today, approved a proposal to raise up to $200 million by way of GDRs/ADRs/FCCBs or issue of preferential shares.

According to a release issued by the company to the BSE today, the funds would be utilised for the repayment of bridge and/or term loans and meet future requirements.

The meeting also approved a proposal for considering an employee stock option plan (ESOP) to the employees of subsidiary companies.

An EGM would be held on March 1, 2006 for obtaining approval of shareholders, the release added.