Morepen Laboratories rallies 17% in two days on fundraising plans

Morepen Laboratories board approved the 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 share

Shares of Morepen Laboratories extended their winning run to the second day in a row and jumped nearly 8 per cent to hit a fresh 52-week high on the BSE in Thursday's session after the company board approved raising Rs 433 crore via issuance of shares on a preferential basis.

So far in the two trading sessions, the scrip has gained 17 per cent. The stock of the smallcap pharma firm hit a fresh 52-week high of Rs 59.45 on the BSE today. At 10.55 am, it was trading 2.90 per cent higher at Rs 56.80 as against a