New Delhi: Morepen Laboratories Limited (NSE: MOREPENLAB, BSE: 500288), a leading manufacturer of high-quality APIs, Home Diagnostics, Formulations and OTC products, yesterday approved incoming investment of Rs. 433 crore in the Extra-Ordinary General Meeting (EGM) of the company. The members approved the issue and allotment of 58.50 million equity shares for cash to Corinth Investment Holdings AG, Switzerland (www.corinthinvest.com) at Rs.41.60 per share aggregating to Rs. 243.36 crores.
Shareholders also approved 50 million fully convertible warrants to a promoter group company Liquid Holdings Private Limited at Rs.38 per warrant/share aggregating up to Rs. 190 crores for cash to be converted into equity within 18 months, within the limits prescribed in SEBI (SAST) Regulations for acquisition of share/ voting rights in a financial year. The issue price of aforesaid securities is derived as per pricing formula prescribed by SEBI in SEBI (ICDR) Regulations.
Swiss firm Corinth to invest $100 mn in Morepen
Updated:
Updated:
Share Article
AAA
Morepen Group has announced an investment of $100 million (₹750 crore) from private investment entity Corinth Group of Switzerland, out of which $32.50 million will come to Morepen Laboratories Ltd.
Following shareholder and regulatory approvals, Corinth would be allotted 58.50 million new equity shares on a preferential basis. This shareholding would equate to 9.41% equity stake in the company.
As per board approval, the promoter group will be allotted 50 million fresh equity shares at a price determined by SEBI pricing formula for preferential issuances, in lieu of the 98.50 million unsubscribed warrants issued in the last financial year which lapsed due to technical reasons.
Morepen Group seals $100mn investment from Corinth Group of Switzerland equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.