Morepen Laboratories rose 2.52% to Rs 58.95 after the company said its shareholders have approved an incoming investment of Rs 433 crore from Switzerland's Corinth Investment Holdings AG and the company's promoters.
The company's shareholders approved the allotment of 5.85 crore equity shares at Rs 41.60 each, aggregating to Rs 243.36 crore.Shareholders also approved 5 crore fully convertible warrants to promoter group company Liquid Holdings at Rs 38 per warrant, 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," Morepan said in a statement.
Sushil Suri, chairman and managing director, Morepen Labs said, "The investment by Corinth further bolsters our position as a market leader in Indian healthcare, it also endorses our approach in the self-diagnostic tools category along with the scale and potential of the API market. It is a testing time for life sciences and pharmaceutical companies in these challenging times and are all geared to enhance our capacities and also expand our markets."
Morepen Laboratories' consolidated net profit surged 142.8% to Rs 26.76 crore on a 38.7% surge in net sales to Rs 286.60 crore in Q4 March 2021 over Q4 March 2020.
Morepen Laboratories is a pharmaceutical and healthcare products company. It is a leading manufacturer of high-quality APIs, Home Diagnostics, Formulations and OTC products in north India.
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