Delhi: The board of directors of Morepen Laboratories
Ltd (MLL) yesterday decided to give its fixed deposit
holders the option of converting fixed deposits into equity.
to a company statement, "This would give the option
to FD holders to convert their deposit amount into fully
convertible debentures and also provide reward by way
of possible equity upside."
scheme has been approved after seeking views from the
FD brokers, financial institutions and banks. It would
now have to receive a nod from the shareholders at the
forthcoming annual general meeting.
company on its part claimed that it is poised to make
progress in terms of sales and profits in the fourth quarter.
"The sales in the December quarter represent a trend
of consolidation given that this is
the second consecutive quarter in which downfall of sales
of the previous three quarters has been arrested,"
said the company. The company''s share today hovered around