January 4, 2007
The media had reports that Plethico Pharmaceuticals Limited plans to acquire a contract manufacturing company and a retail pharmacy chain in the US.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Plethico Pharmaceuticals Limited has vide its letter inter-alia stated, "We would like to confirm that the news is absolutely correct as the company is pursuing many proposals related to the acquisition of Retail Pharmacy Chain, Manufacturing Unit, OTC Brands, Marketing Firms etc abroad enabling the company to enter in the regulated US and European Markets. The talks on such proposals are at an advanced stage and we are negotiating with the parties for the better rates. The Board of Directors at its meeting held on December 28, 2006 passed suitable resolution to pursue all such proposals to secure healthy growth for the company."
Source: National Stock Exchange of India Limited
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