Morepen Labs to raise over Rs 433 cr via issuance of preferential shares

Morepen Laboratories said its board has approved raising over Rs 433 crore through issue of shares to Switzerland's private venture capital firm Corinth Investment Holdings and Liquid Holdings

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

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

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

Morepen Laboratories' board also approved issue of up to 5.85 crore equity shares to Corinth Investment Holdings AG, a Switzerland based entity, belongs to the public category, at Rs 41.60 per equity shares, at a premium of 10 per cent for an aggregate amount up to Rs 243.36 crore.

The company said 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.