Morepen Laboratories Limited will issue five crore warrants aggregating to Rs190cr to promoter group Liquid Holdings Private Limited on a preferential basis.
“On a request of M/s. Liquid Holdings Private Limited (the proposed promoter group allottee) to subscribe Fully Convertible Warrants instead of Equity Shares, the Preferential Issue Committee of the Board of Directors, in their meeting held on May 8, 2021 approved the issue of up to five crore warrants, each convertible into equivalent no. of Equity Shares having face value of Rs2 each, to them at the same issue price (i.e., Rs38 per Warrant}, in place of five crore equity shares of the company as approved in Board Meeting held on April 28, 2021.
Rest all contents of the aforesaid Meeting outcome dated April 28, 2021,” company said in a regulatory filing on Saturday.
Morepen Laboratories Ltd ended at Rs59.10 down by Rs2.7 per piece or 4.37% from its previous closing of Rs61.80 per piece on the BSE.