Plethico Pharmaceuticals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 09, 2009, inter alia, has decided the following:
1. To borrow, subject to the approval of the Company in general meeting, to the extent of Rs 1200 crores, notwithstanding that the moneys to be borrowed together with the moneys already borrowed by the Company (apart from temporary loans, if any, obtained from the Company`s bankers in the ordinary course of business) will exceed the aggregate of the paid-up capital of the Company and its free reserves.

2. To consider, subject to the approval of the company in general meeting, the issuance of equity shares and / or foreign currency convertible bonds ("FCCBs") and / or global depository receipts and / or other securities convertible into equity shares and / or such other equity-linked instruments to an extent of US $ 40 Million Indian Rupee equivalent, including but not limited to, by way of a qualified institutional placement.

3. To look into and evaluate options for managing the liabilities of the Company through various initiatives, such as amending the terms and conditions of the outstanding FCCBs issued by the Company, including, but not limited to, tenor, interest rate, yield to maturity, etc. as well as other methods of extinguishing or restructuring the FCCBs, including but not limited to buy-back / early redemption of the FCCBs, as may be permitted by applicable law.

The Company has appointed Jefferies International Ltd to advise the Company in relation to the above.

The decisions of the board at serial nos. 1 and 2 above are subject, inter alia, to the approval by the shareholders of the Company and the Company will, in this regard, calling an extra ordinary general meeting of all its shareholders.
The Extra-ordinary General Meeting of the Company is proposed to be held on March 31, 2009.