Matrix Labs to prepay Rs 68cr long term loans

Matrix Laboratories Limited has decided to prepay all its long term loans amounting to Rs 68 core from the proceeds of the preferential issue.

The company has completed the allotment of 11,25,000 equity shares each to India Newbridge Investments Limited, an investment vehicle of the US-based Newbridge Capital, and Maxwell (Mauritius) Private Limited, an investment vehicle of Singapore government-owned Temasek Holdings, at a price of Rs 1,500 per share aggregating to an amount of Rs 337.50 crore.

While the company expects to complete the prepayment of the long term loans in a month's time, the surplus money will be invested in liquid funds and mutual funds, which are absolutely safe.

The capital investment plans of the company are being finalised at an appropriate time keeping in mind the long term growth plans of the company.

Pursuant to the allotment of equity shares to the strategic investors, the paid-up capital of the company went up to Rs 14.54 crore, with the two strategic investors holding 7.73 per cent stake each in the company.