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Morepen Laboratories to raise over Rs 433 Cr

Drug firm Morepen Laboratories announced on Wednesday that its board has approved raising over Rs 433 crore via the issue of shares to Switzerland’s private venture capital firm Corinth Investment Holdings and Liquid Holdings, a promoter group of the company, on a preferential basis.

‘The board of directors of the company recognized and approved issue and allotment of up to 10.85 crore equity shares on a preferential basis, Morepen Laboratories stated in a regulatory filing.

Morepen Laboratories’ board has approved the issue of up to 5 crore equity shares to Liquid Holdings, an entity belonging to the promoter group of the company, for Rs 38 per equity shares, for a total amount of up to Rs 190 crore.

Morepen Laboratories’ board also approved the issue of up to 5.85 crore equity shares to Corinth Investment Holdings AG, a Switzerland-based entity belonging to the public category, at Rs 41.60 per equity shares, at a premium of 10 percent for a total amount up to Rs 243.36 crore.

The company stated an extraordinary general meeting of the members of the company will be held on May 20, 2021, for seeking approval of the members for the said preferential issue. 

The fresh capital infusion would offer great opportunities to Morepen Laboratories to expand its business and be ahead of its competitors.

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