Matrix Laboratories Ltd (MLL), a Rs 450-crore Andhra Pradesh based pharma giant has decided to issue 22.50 lakh equity shares at Rs 1,500 per share aggregating to Rs 337.50 crore on preferential basis to two global funds i.e. Newbridge Capital LLC (NCL) and Temasek Holdings Pvt Ltd (THPL), through their investment vehicle - India Newbridge Investment Ltd and Maxwell (Mauritius) Pte Ltd respectively.
MLL informed to BSE that NCL and THPL have decided and agreed to co-operate for the common object of acquiring the aforesaid shares through the preferential allotment. Further these two companies also decided to acquire the shares of the company such manner that their combined shareholding equals to or exceeds 15 per cent of the company's paid up equity share capital pursuant to the preferential allotment. This may trigger an open offer in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997.
MLL has once again convening an EGM on March 26, 2004 for obtaining the approval of the members for preferential issue in supersession of the earlier resolution. Earlier shareholders approved a resolution to allot shares independently to each of these global investment funds. On the Matrix’s expanded equity base of Rs 14.55 crore, the combined holding of the foreign funds amounts to 15.4 per cent.