Date:14/04/2007 URL: http://www.thehindubusinessline.com/2007/04/14/stories/2007041403440200.htm

Jupiter Bio board okays stake sale to Ranbaxy

Our Bureau

Terms of offer
As per the agreement, RLL will be offered equity share warrants on preferential basis with an initial payment of 20 per cent to the extent of 14.9 per cent post expanded equity.

Hyderabad April 13 The board of directors of Jupiter Bioscience Ltd (JBL) has approved the strategic business alliance on peptide pharmaceuticals signed with Ranbaxy Laboratories Ltd (RLL).

In its meeting on Thursday, the Board approved and ratified the term sheet signed between Ranbaxy and the company. As per the agreement, Ranbaxy will be offered equity share warrants on preferential basis with an initial payment of 20 per cent to the extent of 14.9 per cent post expanded equity.

JBL, the Hyderabad-based peptide pharmaceutical company, is also firming up its QIP (Qualified Institutional Placement) offer of up to Rs 100 crore. It is also in the process of conversion of promoter warrants into equity shares.

EGM on May 14

The stake offer to RLL is subject to the approval of shareholders in an Extraordinary General Meeting, the company informed the BSE in a notice on Friday. The board has also decided that 17,50,000 equity shares of Rs 10 each with a premium of Rs 136 per share are allotted to the promoter of the company, Mr Venkat R. Kalavakolanu, as preferential allotment. It has decided to convene the EGM of the company on May 14, for the purpose of the above-mentioned business.