Morepen approves Rs 433 crore investment from Swiss-based Corinth
May 21, 2021
New Delhi [India], May 21 : Morepen Laboratories said on Friday it has approved an incoming investment of Rs 433 crore to Corinth Investment Holdings AG of Switzerland.
Board members approved the issue and allotment of 5.85 crore equity shares at Rs 41.60 per unit aggregating to Rs 243.36 crore.
They also approved 5 crore fully convertible warrants of promoter group company Liquid Holdings at Rs 38 per warrant share aggregating up to Rs 190 crore for cash to be converted into equity within 18 months.
Shareholders also overwhelmingly voted to approve the resolution for issuance of convertible equity shares and warrants as proposed by the board.
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.
Chairman and Manging Director Sushil Suri said the investment by Corinth further bolsters the company's 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 active pharma ingredient (API) market."
Suri said it is a testing time for life sciences and pharmaceutical companies. "We are all geared to enhance our capacities and markets."
Morepen is engaged in the manufacturing and sale of APIs, bulk drugs, home diagnostics, formulations and over-the-counter products.
The company's manufacturing facility at Baddi in Himachal Pradesh comprises a scientifically integrated complex of 10 plants, each with a specific product profile.
