Morepen Laboratories board approves raising up to ₹350 crore via securities

The board of Morepen Laboratories approved raising up to ₹350 crore via the issue of securities, the company said in a regulatory filing.

The pharmaceutical firm's board approved raising funds by the issues of equity shares, convertible preference shares, debenture or other means through more or more qualified institutions placement (QIP) "up to an aggregate amount not exceeding ₹350 crore”, the company said in a regulatory filing.

The company’s board also consented to convening an extraordinary general meeting to seek the approval of the shareholders.

The shares of Morepen Laboratories were trading at ₹53.70 apiece on the National Stock Exchange (NSE) at 11:25 am.

Morepen Laboratories is engaged in the business of manufacturing, producing, developing, and marketing of active pharmaceutical ingredients (APIs), branded and generic formulations and home health products.