Sun Pharma Plans Bonus Preference Shares
Sun Pharmaceutical Industries has decided to convene a board meeting on June 28 to consider a proposal to issue bonus preference shares to its equity shareholders.
The company has informed the Bombay Stock Exchange (BSE) that its board at its meeting held on May 30, considered the order of BIFR sanctioning the merger of MJ Pharmaceuticals (MJPL) with the company after its restructuring with effect from January 1, 2002 as per the scheme of rehabilitation of MJPL.
Sharehol-ders of MJPL will be entitled for allotment of one equity share of the firm for every 210 equity shares of MJPL on merger of MJPL with the company.
The board has recommended a dividend of 50 per cent (subject to tax) for the year ended March 31, 2002.
Sun Pharmaceu-tical Industries has said that pursuant to the offer letter to the shareholders for exit opportunity on voluntary delisting of equity shares of the company from four stock exchanges, Dilip S Shanghvi, the promoter, has received acceptance forms for purchase of 19,493 equity shares at Rs 600 a share. The total purchase consideration amounts to Rs 11,695,800.
Earlier, the company had informed that the promoters of Sun Pharmaceutical is making an offer to its shareholders in Gujarat, Delhi, Haryana, West Bengal, Tamil Nadu and Pondicherry pursuant to Sebi guidelines to provide an exit opportunity to shareholders owing to the proposed delisting of shares.
The offerors made an offer to acquire the equity shares of Rs 10 each of Sun Pharmaceuticals at a price of Rs 600 per equity share from the equity shareholders of Sun Pharmaceuticals Industries.