Morepen Laboratories has 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 at Rs.41.60 per share aggregating to Rs 243.36 crore.
Shareholders also approved 50 million fully convertible warrants a promoter group company Liquid Holdings at Rs 38 per warrant/ share aggregating up to Rs 190 crore 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. The meeting of the shareholders of the company was held on May 20, 2021 through video conferencing and other audio-visual means.
This is a milestone for the company as this approval paves the way to drive exponential growth and create value for all stakeholders. This EGM was the next step for inclusion of Corinth Group, a global private investment Group, headquartered in Switzerland, which announced and extended $32.50 million in Morepen Laboratories, out of a total $100 million investment in the promoter group.
Morepen Laboratories is a well-known pharma company having well equipped Research & Development Centre and is all set to seize the Generic revolution in pharma industry, by filing multiple DMFs and COS for new APIs.
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