Morepen Laboratories Plans To Raise Rs 350 Crore Through Securities; Board Seeks Shareholders’ Approval

As per the media reports, Morepen Laboratories in a press statement said that its board has approved to raise upto Rs 350 crore through the issuance of securities. The pharmaceutical company revealed that it intends to raise funds by issuing equity shares, convertible preference shares, debentures, or utilising other means through one or more qualified institutions placement, with the total amount not exceeding Rs 350 crore. This decision was disclosed in a regulatory filing by the drug firm.
To proceed with this fundraising initiative, the board has taken the additional step of approving the convening of an extraordinary general meeting. The purpose of the meeting is to seek the necessary approval from the shareholders for the proposed fundraising strategy.
Source: Bwhealthcareworld