Wanbury Ltd's EOGM on October 17

New Delhi, Sept 29: Wanbury Ltd, the world's largest producer of diabetes control drug Metaformin, today said its Extra Ordinary General Meeting will be held on October 17, 2006.

The company will approve its draft scheme merger with the Pharmaceutical Products of India Ltd (PPIL) at the EOGM, subject to the modifications permitted, and will also issue and allot 6.2 lakh equity shares of Rs 10 each to the equity shareholders of PPIL.

The company will also allot 64,668 equity shares of Rs 10 each fully paid up at a premium of Rs 140 per share, to ARCIL (39,923 equity shares), IIBI (3,888), Unit Trust of India (16,003 ), Bank of India (1,382 ), Bank of Baroda (2,951 ), Union Bank of India (521) -- the secured creditors of PPIL, as per the scheme of arrangement approved by the Bombay High Court.

Wanbury will also issue 58,200 zero Coupon Optionally Fully Convertible Debentures (OFCDs) having face value of Rs 1000 each to creditors of PPIL, on the EOGM of the company.

The company will approve the draft scheme of Merger of Doctors Organic Chemicals Ltd (DOCL) with itself and will issue and allot 4,69,141 equity shares of Rs 10 each to the equity shareholders of DOCL.

Wanbury recently acquired a controlling stake in Hyderabad-based Doctor Organic Chemicals Ltd (DOCL).

The company has aggresively been looking at acquiring companies, both on the home front home and globally abroad, and is particularly eyeing the European market.

UNI