Matrix Laboratories Limited today signed definitive agreements with India Newbridge Investments Limited ( an investment vehicle of the US-based Newbridge Capital) and Maxwell (Mauritius) Pte Limited (an investment vehicle of the Singapore Government-owned Temasek Holdings) for the issue of 11,25,000 equity shares each to the two strategic investors at a price of Rs 1,500 per share on preferential basis.

The signing of the definitive agreements with the two strategic investors will enable the company to initiate the allotment process as per the agreement. The company has called for an extraordinary general meeting (EGM) on May 15th, 2004 to seek a fresh approval from the shareholders for the preferential issue in view of the latest guidelines of the SEBI.

As per latest amended SEBI Guidelines, the preferential allotment should be completed within a period of 15 days from the date of passing the resolution by the shareholders. A fresh resolution is required to be passed by the shareholders for the preferential issue as the 15 days period has elapsed since the passing of the old resolution at the extraordinary general meeting on March 26th, 2004.

In view of the investments being made by the strategic investors, the board of directors of the company has been reconstituted with the induction of Mr. Puneet Bhatia, Dr. Fred Cohen and Mr. S Iswaran as directors. The induction of the new directors is expected to add value to the company with their rich international experience.

Matrix Laboratories Limited today signed definitive agreements with India Newbridge Investments Limited ( an investment vehicle of the US-based Newbridge Capital) and Maxwell (Mauritius) Pte Limited (an investment vehicle of the Singapore Government-owned Temasek Holdings) for the issue of 11,25,000 equity shares each to the two strategic investors at a price of Rs 1,500 per share on preferential basis.

The signing of the definitive agreements with the two strategic investors will enable the company to initiate the allotment process as per the agreement. The company has called for an extraordinary general meeting (EGM) on May 15th, 2004 to seek a fresh approval from the shareholders for the preferential issue in view of the latest guidelines of the SEBI.

As per latest amended SEBI Guidelines, the preferential allotment should be completed within a period of 15 days from the date of passing the resolution by the shareholders. A fresh resolution is required to be passed by the shareholders for the preferential issue as the 15 days period has elapsed since the passing of the old resolution at the extraordinary general meeting on March 26th, 2004.

In view of the investments being made by the strategic investors, the board of directors of the company has been reconstituted with the induction of Mr. Puneet Bhatia, Dr. Fred Cohen and Mr. S Iswaran as directors. The induction of the new directors is expected to add value to the company with their rich international experience.