Mumbai:Jupiter Bioscience, manufacturer of specialized organic compounds will issue up to 31.77 lakh equity share warrants to Ranbaxy Laboratories on a preferential basis for Rs 3.17 crore.
The company would make preferential allotment of equity share warrants convertible into one equity share each to concerned parties including Ranbaxy Laboratories.
Earlier in April, Jupiter Bioscience had received the board’s approval for allotting 14.9% stake in the company to Ranbaxy Laboratories through the preferential issue of securities.
As per the intimation received by RBI, the board has also approved enhancing FII investments to up to 70%, subject to necessary provisions and approvals.
The company would also increase authorized share capital to Rs 30 crore from Rs 20 crore at present.
Jupitor, in its filing on BSE, in April had said that it would allot 17.50 lakh equity shares of Rs 10 each with a premium of Rs 136 per share to its promoter Venkat R Kalavakolanu on preferential basis.
Shares of Jupiter Bioscience were trading at Rs 157.70, down 0.82 % on BSE in afternoon trade.