The Hindu Business Line : Vorin, Medicorp merger with Matrix okayed

WITH the High Courts at Hyderabad and Chennai approving the scheme of amalgamation of Ranbaxy-owned Vorin Laboratories Ltd (VLL) and the Chennai-based Shriram Group promoted Medicorp Technologies India Ltd (MTIL) with the Hyderabad-based Matrix Laboratories Ltd (MLL), the boards of the pharmaceutical companies have decided to convene their meetings next week.

The key agenda for these meetings was to fix the record date for the purpose of ascertaining the eligibility of shareholders who were entitled to receive the shares of Matrix in exchange of shares held in Medicorp and Vorin as per the agreed swap ratio.

The board meetings of both Matrix Labs and Medicorp Technologies would be held on May 18, while that of Vorin Labs was fixed for May 17.

In a communiqué to stock exchanges on Saturday, the three companies said they would also take note of the orders received from the High Courts of Hyderabad and Chennai.

While April 1, 2002, was fixed as appointed date for the scheme of amalgamation, the shareholders of Medicorp Technologies and Vorin Labs would get two shares of Rs 10 each of Matrix Labs for every 13 shares of Rs 10 each held by them.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Modi Rubber to seek nod for delisting

HEG board recommends 22% dividend

Vorin, Medicorp merger with Matrix okayed

McDowell Alcobev no more arm of UB

Novel approach in Vizag Steel's phase I expansion

Provisions to ITC make Agro Tech incur loss

Parliamentary panel raps SAIL for RSP cost overruns

Performance bonus for Thermax

Big dividend payouts may soon be a thing of the past