Morgan to hold 5 per cent Stake in Ess Dee

Mumbai, Aug 8 (UNI) Ess Dee Aluminium Ltd, an end-to-end pharmaceutical packaging solutions provider, has decided to issue its 14.1 lakh equity shares on preferential allotment basis to Morgan Stanley at Rs 575 per share.

The company decided today at a board meeting to issue its five per cent stake to Morgan Stanley. The shares will be acquired by the latter under lock-in for a period of one year at a premium of almost 12 per cent of floor price, the company said here in a statement.

Chairman and Managing Director Sudip Dutta said ''The funds infused by Morgan Stanley will be used to consolidate and maintain Ess Dee's growth momentum and to facilitate the Company's pursuit of expanding its horizons through both organic and inorganic routes.'' Earlier in July this year, the shareholders of the Company had approved the proposal to raise 150 million dollar from overseas markets through issue of securities.

UNI