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Our Bureau

Hyderabad , Aug. 16

INDIA Newbridge Investments Ltd on Monday acquired 7,00,000 equity shares of the Hyderabad-based, Matrix Laboratories Ltd (MLL), representing 4.81 per cent of the paid-up equity share capital through negotiated trades at Rs 1,500 per share.

The buying of shares is pursuant to the public announcement for open offer made by India Newbridge Investments Ltd and Maxwell (Mauritius) Pte Ltd to the shareholders of MLL and in line with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 1997, according to DSP Merrill Lynch Ltd.

DSP Merrill Lynch informed this development in a notification to the National Stock Exchange (NSE) today. It is the manager to the open offer on behalf of India Newbridge Investments Ltd and Maxwell (Mauritius) Pte. Ltd, made to MLL's shareholders through public announcements on April 18 and April 30, 2004.

Meanwhile MLL has informed the exchanges that Mr M. Ravinder, one of the promoters, has sold 6,72,250 shares amounting to 4.62 per cent of the paid-up equity on August 13.

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