Morepen Laboratories today said that it has successfully closed its global depository receipts (GDR) issue on the Luxembourg Stock Exchange.
The issue opened on March 27, 2003, and closed on March 28, and was fully subscribed. The board of directors of Morepen Laboratories has also approved the allotment of shares at the board meeting held on March 30.
Morepen thus becomes the first Indian pharmaceuticals company in the recent past to garner funds and get listed on an international bourse.
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The company has raised $5.25 million (Rs 72.5 crore) through the issue of 5 million GDRs at $3.05 per GDR, representing 50 million shares of Rs 2 face value.
The issue, the second by any Indian company this year, received very encouraging response and was subscribed primarily by European institutional investors.
The issue has been subscribed at a premium of over 12 per cent to the current prevailing price in the domestic market.
While the issue was lead managed by Kaupthing Bank, Luxembourg, The Bank of New York (Luxembourg) SA was listing agent as well as depository to the issue. ICICI Bank acted as the custodian to the issue.
The company will now seek listing of these fresh shares in the domestic market as well.
Sushil Suri, chairman and managing director, Morepen Laboratories, said,