Morepen Laboratories Launches Rs 250-Crore QIP

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.