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HC clears Matrix Labs merger proposal

Our Bureau

Hyderabad , Nov. 5

MATRIX Laboratories Ltd (MLL), the city-based pharmaceutical major, has informed the stock exchanges on Friday that the Andhra Pradesh High Court has sanctioned the scheme of arrangement for amalgamation amongst Vera Laboratories Ltd, Fine Drugs and Chemicals Ltd (Fine Drugs), Medikon Laboratories Ltd and Calibre Engineering Pvt Ltd (transferor companies) with the company vide court order dated October 13.

Of these four transferor companies, Fine Drugs is the only listed one on BSE.

The MLL board of directors at its meeting held on October 26 has fixed December 1 as record date for the purpose of ascertaining the eligibility of shareholders to receive the shares of Matrix in exchange of shares held by them in Fine Drugs.

Matrix would issue and allot to the Fine Drugs shareholders for every 25 equity shares of face value of Rs 10 each credited as fully paid-up held by them, one equity share of face value of Rs 10 each as fully paid-up in the capital of the company.

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