Morepen Labs has launched a share placement on August 1, through the QIP route at a floor price of Rs 57.23 per share, the company informed stock exchanges. The offer is at a discount of up to 5 percent on the floor price, the company said.
The issue, reportedly worth Rs 250 crore, including a greenshoe option, CNBC Awaaz reported citing sources.
The indicative price of the issue is Rs 54.37 per share and Motilal Oswal is the banker to the issue, it is learnt. Morepen had sought board approval for the share issue back in February 2024, and the resolution was passed at their Extraordinary General Meeting in March, 2024.
Shares of Morepen Laboratories are trading higher in early trade, up nearly three percent at around Rs 61.50 per share.
Morepen Laboratories is into the business of manufacturing and marketing Active Pharmaceutical Ingredients (APIs) and generic formulations.
India's pharmaceutical industry is expected to reach a market size of $65 billion by 2024, and poised to be at $130 billion in value by 2030. As of 2023, over $25 billion of value comes from exports, with about 20 percent of the global exports in the generic drugs market is met by India.
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