In a separate development, a top company official told PTI that the company was betting big on the diagnostics devices segment, while building its presence in the active pharmaceutical ingredient (API) segment.
The stock, which surged 9.42 per cent on Wednesday, advanced another 7.7 per cent to hit a high of Rs 59.45 in Thursday’s trade. This took the two-day gain for the stock to 18 per cent.
Morepen Laboratories board approved issue of up to 5.85 crore equity shares to Corinth Investment Holdings AG, a Switzerland-based entity that belongs to the public category. The shared will be issued at Rs 41.60 per share, a 10 per cent discount to market price, for an aggregate amount up to Rs 243.36 crore.
Nifty, Sensex may continue to head higher– Wednesday closing report
Moneylife Digital Team
28 April 2021
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Info Edge India is going to sell its stake worth Rs 750 crore in Zomato’s upcoming initial public offering. The food delivery platform intends to raise Rs 8,250 crore this year amid the growing business in the pandemic.
Axis Bank reported a net profit of Rs 2,677 crore compared to a loss of Rs 1,387.8 crore in the year-ago period. Net interest income rose 11% YoY to Rs 7,555 crore.
Bajaj Finance reported consolidated profit of Rs 1,347 crore compared to Rs 948 crore YoY. Consolidated net interest income fell to Rs 4,659 crore from Rs 4,684 crore YoY.
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.
Morepen board clears $100 million investment from Switzerland-based Corinth Group Moneycontrol 9 hours ago Viswanath Pilla
Morepen Laboratories said on April 28 that its board of directors approved an investment of $32.50 million from Switzerland-based Corinth Group as part of the private investment firm s proposed $100 million investment in the Morepen Group.
The investment is subject to the approval of shareholders and other regulatory bodies.
Corinth would be allotted 58.50 million new equity shares on a preferential basis. This shareholding would amount to a 9.41 percent equity stake in the company on a fully expanded capital base. The remaining $67.50 million would be in the promoter group companies.
April 28, 2021
×
Morepen Labs plans to take diagnostic arm Dr Morepen public in 3-5 years, says CMD Sushil Suri
New Delhi-based Morepen Group on Wednesday said that it has secured a $100-million (about ₹750 crore) investment from Switzerland-based Corinth Group, a global private investment group. Of this, as much as $32.5 million is proposed to be directly invested in the parent company Morepen Labs and the balance $67.5 million will get invested in the promoter group companies, it said in a regulatory filing.
Sushil Suri, Chairman and Managing Director, Morepen Labs told
BusinessLine that the company is also looking to hive off its diagnostic business, Dr Morepen, into a separate subsidiary in view of the increase in demand for diagnostic tools.