Morepen Laboratories Launches Rs 250-Crore QIP
The company plans to issue 3.67 crore equity shares, with a 91.9 lakh green shoe at a floor price of Rs 57.23 apiece.
![<div class="paragraphs"><p>Medical laboratory photo by Louis Reed. (Source: Unsplash)</p></div>](https://media.assettype.com/bloombergquint%2F2023-02%2F2017f259-7e3b-4b30-a2a8-161a145af898%2Flouis_reed_pwcKF7L4_no_unsplash.jpg?rect=0%2C342%2C5184%2C2916&auto=format%2Ccompress&w=200)
Morepen Laboratories Ltd. has launched a qualified institutional placement to raise Rs 250 crore, according to an exchange filing.
The company's QIP committee approved the proposal in a meeting on Thursday.
Morepen Laboratories plans to issue 3.67 crore equity shares, with a 91.9 lakh green shoe at a floor price of Rs 57.23 apiece—a discount of 9.2% from the previous close.
The pharma major said that it might offer a discount of not more than 5% on the floor price for the issue.
Morepen Laboratories is a pharmaceutical manufacturer dedicated to providing high quality healthcare solutions through pharmaceutical and medical technology products.
Shares of the company closed 0.52% higher at Rs 60.01 apiece, as compared to a 0.24% advance in the benchmark NSE Nifty 50.