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Morepen Laboratories Limited launches a QIP to raise ₹250 crore by issuing 3.67 crore shares at ₹57.23 each. The offering includes a green shoe option and a potential 5% discount, with a 180-day lock-in period for investors.
Pharmaceutical company Morepen Laboratories Limited. has initiated a Qualified Institutional Placement (QIP) to raise ₹250 crore, according to a recent exchange filing. The QIP committee approved the proposal in a meeting on Thursday, marking a significant move for the company's capital expansion. Investors remain focused on Morepen Laboratories shares.
The QIP involves issuing 3.67 crore equity shares, along with a green shoe option of 91.9 lakh shares. The floor price is set at ₹57.23 per share, reflecting a 9.2% discount from the previous closing price. The company has also indicated the possibility of offering a discount of up to 5% on the floor price.
The funds raised through this QIP are expected to support the company's growth initiatives and enhance its product offerings in the healthcare sector.
Investors participating in this QIP will be subject to a 180-day lock-in period, ensuring stability and commitment from institutional investors. This move is expected to strengthen the company's financial position and enable it to pursue strategic opportunities.
Explore: Morepen Lab. Ltd Share Price
Morepen Laboratories share price closed 0.52% higher at ₹60.01 on Thursday, compared to a 0.24% advance in the benchmark NSE Nifty 50. In subsequent trading, the shares ended at ₹59.86, up by ₹0.08 or 0.13%.
The launch of the ₹250 crore QIP by Morepen Laboratories signifies a strategic step to strengthen its financial resources. By offering shares at a discounted price, the company aims to attract substantial investment from qualified institutional buyers, ensuring long-term growth and expansion in the competitive pharmaceutical market.
The QIP not only provides an opportunity for institutional investors to participate in the company's growth journey but also underscores Morepen Laboratories' commitment to enhancing shareholder value and expanding its footprint in the healthcare industry.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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