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Wednesday, September 17, 2008

Hulta Pharmaceutical - Rights Issue

Hulta Pharmaceutical Export Ltd has informed the market that the Board of Directors of the Company at its meeting held on September 13, 2008, inter alia, has considered the proposal to increase the Authorised Share Capital of the Company from the present level of Rs 10 Crores (Rupees Ten Crores Only) to Rs 15 Crores (Rupees Fifteen Crores only) and amend Clause V of the Memorandum of Association and Article 4 of the Articles of Association of the Company accordingly. It was decided to convene an Extraordinary General Meeting of the Company on November 01, 2008 to obtain the approval of the shareholders by way of special resolution for the increase in the authorized share capital.

Further the Company has informed that, the Board considered the proposal to offer, issue and allot 54,60,000 equity shares of Rs 10/- each for cash at par to such shareholders whose names appear on the Register of Members on the Record Date as may be determined by the Board of Directors in consultation with the Stock Exchanges on Rights Basis in the ratio of 1 (One) New Equity share for every 1 (One) Equity Share held on the said Record Date. It was decided to convene an Extraordinary General Meeting of the Company on November 01, 2008 to obtain approval of the shareholders by way of special resolution for the proposed right issue.

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