Unichem Labs to raise Rs 56cr

The board of directors of Unichem Laboratories, which met today, approved a proposal to issue 18,75,000 equity shares of Rs 5 each to New Vernon Pvt Equity at a premium of Rs 295 per share.

According to a release issued by Unichem to the BSE today, the meeting also approved a proposal to increase the limit of investment by foreign institutional investors (FIIs) to 49% of the issued and paid-up capital of the company.

An EGM will be held on February 4, 2006 to consider the above proposals, the release added.