Morepen Laboratories 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 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.
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 USD 32.50 million in Morepen Laboratories, out of a total USD 100 million investment in the promoter group.
The key barometer indices were trading in a narrow range near the day s high in afternoon trade. The Nifty was trading above 15,100 mark. All the sectoral indices on the NSE were in the green. Banks and financial shares were in demand.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 669.20 points or 1.35% at 50,234.06. The Nifty 50 index jumped 194.55 points or 1.31% at 15,100.60.
HDFC Bank (up 2.95%), Housing Development Finance Corporation (HDFC) (up 2.39%) and ICICI Bank (up 2.29%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index rose 0.83%. The S&P BSE Small-Cap index gained 0.77%.
Buyers outpaced sellers. On the BSE, 1,968 shares rose and 1,040 shares fell. A total of 149 shares were unchanged.
Morepen Lab spurts on receiving Rs 433 cr investment from Corinth, promoters business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.