Zenotech Laboratories has informed that the board of directors of the company at its meeting held on Monday has approved issue of 20,00,000 equity shares of Rs 10/- at a price (including premium) of Rs 100/- on a preferential basis to Ranbaxy Laboratories. An extra ordinary general meeting will be convened on August 10, 2006 to seek the shareholder’s approval for the proposal.
The board also approved allotment of 1,11,27,664 equity shares to the erstwhile shareholders of Credence Pharmaceuticals Ltd (50,07,664 equity shares) and Hemarus Healthcare Pvt Ltd (61 20,000 equity shares) pursuant to the Scheme of Amalgamation entered between Credence and Hemarus with the company, approved by the High Court of Andhra Pradesh at Hyderabad, vide its order dated May 2, 2006.