The Board of Directors of Unichem Laboratories Ltd has passed a resolution approving the issue of bonus shares in the ratio of 1:1. The Board of Directors has also approved the sub-division of the nominal value equity shares of the company from Rs.10/-per equity share to Rs.5/-per equity share after issue of the bonus shares. The Board has also approved increase in the authorised capital of the company from Rs.25 crore to Rs.50 crore in order to meet any future requirements. All these decisions are subject to the shareholders' approval at the extraordinary general meeting March 4, 2004.
The board has also decided to set up a 100 per cent wholly owned subsidiary in the US in order to hasten the process of registration of its products. (Submission of DMFs and ANDAs). The subsidiary will also look for opportunities, for marketing alliances in the North American markets. It also approved the Employees Stock Option Scheme for its eligible employees. The aggregate of the equity shares, which would be offered under the stock option scheme, shall not exceed 5 per cent of the enhanced equity capital of the company after issue of bonus and stock split.