Board of Bafna Pharmaceuticals to consider preferential issue of warrants

On 04 January 2017

Bafna Pharmaceuticals announced that the meeting of the Board of Directors of the Company is scheduled to be held on 04 January 2017, to transact following business:

1. Withdrawal of entire preferential issue of 40,00,000 share warrants and in-principle application filed with the Stock Exchanges due to the following reasons:

i) the proposed allottees in the promoter group and one of the investors were ineligible due to sale/purchase/transfer within the group during the 6 months preceding the relevant date;

ii) due to inordinate delay in the process, few of the proposed allottees expressed their unwillingness to subscribe for the issue

 

2. To propose and consider fresh issue of 80,00,000 share warrants to promoter and non-promoter group subject to necessary approvals.

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