Financial Daily from THE HINDU group of publications
Sunday, Feb 29, 2004
Financial Daily from THE HINDU group of publications Sunday, Feb 29, 2004 |
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Corporate
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Announcements Unichem Labs gets shareholders' nod for share-split, bonus Our Bureau
Mumbai , Feb. 28 SHAREHOLDERS of Unichem Laboratories Ltd have given their nod to the sub-division of nominal value of equity shares from Rs 10 each into two equity shares of Rs 5 each. At the company's extraordinary general meeting here on Saturday, they also approved the bonus issue in the ratio of 1:1 i.e. one equity share of Rs 5 each for every one equity share of Rs 5 each held in the company after sub-division of shares, the company told the Bombay Stock Exchange. Shareholders also gave their approval for the resolution concerning Employees Stock Option Plan to the employees of the company and its subsidiaries, a company communication said. Meanwhile, the Chairman and Managing Director, Mr Prakash Mody, said that the company's modernisation activity costing Rs 40 crore at Ghaziabad is complete, while the construction of its second formulation plant at Himachal Pradesh with an estimated outlay of Rs 35 crore is under way. The work is likely to be completed by late 2004. Unichem is also setting up a wholly-owned subsidiary in the US to hasten the process of registration of the company's products as well as to look for opportunities for marketing alliances in North American markets, he said.
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