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.
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