RPG Life Sciences Board approves Scheme of Arrangement

RPG Life Sciences Ltd has informed that the Board of Directors of the Company at its meeting held on June 12, 2007, has considered and approved the Scheme of Arrangement between the Company and RPG Pharmaceuticals Ltd (Operating Co) and Instant Holdings Ltd (Investment Co) and Instant Trading and Investment Company Ltd (Instant).- The Scheme envisages-1. Sale of Pharmaceuticals business of the Company to Operating Co for a consideration of Rs 46.00 Crs. This consideration shall be discharged by Operating Co in the form of equity shares of Rs 11,49,50,800 representing 1,43,68,850 equity shares of Rs 8 each fully paid-up at an aggregate premium of Rs 34,50,49,200. The appointed date for the same is April 02, 2007. These shares of Operating Co. shall be issued to the members of the Company in the ratio of 1:1.2. Sale of Investments of the Company to Investment Co for a consideration of Rs 53.00 Crs. This consideration shall he discharged by Investment Co in the form of equity shares of Rs 9,95,00,000 representing 99,50,000 equity shares of Rs 10 each fully paid-up at an aggregate premium of Rs 43,05,00,000. The appointed date for the same is April 01, 2007. These shares of Investment Co shall be issued to the Company.