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.
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