At meeting held on 30 June 2015
Sequent Scientific announced that the Board of Directors of the Company at its meeting held on 30 June 2015, has approved the following:1. Consolidation of shareholding in Alivira by acquiring all the shares held in Alivira from Unit Trust of India Investment Advisory Services A/c Ascent India Fund III (Ascent) and Devicam Capital (Devicam") i.e., 9,997,941 shares. On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of the Company.
The consideration for the acquisition of Alivira shares held by Ascent and Devicam has been arrived pursuant to the valuation report prepared by an independent chartered accountant.
The consideration towards the acquisition of 9,997,941 Alivira shares will be settled through issue of 3,585,413 equity shares of SeQuent Scientific (stocks swap), through preferential allotment to Ascent and Devicam, in compliance with Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The number of shares of SeQuent to be issued to Ascent and Devicam as consideration for acquisition of Alivira shares held by each of them has been arrived as per the valuation report.
2. Preferential issue of 3,585,413 equity shares of Rs. 10/- each for consideration other than cash, at a price of Rs. 669.10 per equity share (including a premium of Rs. 659.10 per equity share) in compliance with Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
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