Pharmaids Pharmaceuticals - Outcome Of EGM

Pharmaids Pharmaceuticals Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 18, 2008, inter alia, have accorded the following:

1. Authority to the Board to issue, offer and allot 640234 (Six Lakhs Forty Thousand two Hundred and Thirty Four) equity shares of Rs 10/- (Rupees Ten only) each on preferential basis to the interested persons consisting of promoters and investors in one or more trenches, in such form, manner and upon such terms and conditions as the Board may in its absolute discretion deem fit at a price of Rs 15.00/- (Fifteen Rupees Only) per share as determined by the Board which is higher than the price calculated in accordance with the subsisting SEBI guidelines in this behalf and upto 166870 (One sixty six eight seventy) convertible warrants (Warrants) to be convertible at the option of warrant holder in one or more trenches, within 18 (Eighteen) months from its allotment date into Rs 10/- fully paid up Equity share of the Company of face value of Rs 10/- each for cash at an exercised price of Rs 15 (including premium of Rs 5) for each warrant and to issue fresh Equity shares on conversion of warrants, on such further terms and conditions as may be finalised by the Board to the following persons, subject to necessary provisions and approvals :

1. Prashant Hariprasad Dave (Public) : 40,000 No of Shares

2. Surekha Prashant Dave (Public) : 60,000 No of Shares

3. Soham Rishiraj Sharma (Public) : 40,000 No of Shares

4. Latha Sharma (Public) : 60,000 No of Shares

5. Usha Avhad (Public) : 60,000 No of Shares

6. Amit Paul Shirole (Public) : 40,000 No of Shares

7. Lalit Thakar (Public) : 15,000 No of Shares

8. Hariprasad Dave (Public) : 15,000 No of Shares

9. Kajal Soham Sharma (Public) : 15,000 No of Shares

10. Ishani Prashant Dave (Public) : 15,000 No of Shares