Morepen Laboratories share rose for the second consecutive session to hit fresh 52-week high today after the company board approved raising Rs 433 crore via issuance of shares on a preferential basis. Morepen Laboratories stock hit fresh high of Rs 60.7, rising 9.96% against previous close on BSE.
In two trading sessions, the stock has gained 18.53%.
The stock opened with a gain of 6.52% at Rs 58.80 against previous close of Rs 55.20. Later, the small cap share closed 9.24% higher at Rs 60.30 on BSE.
Morepen Labs share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Morepen Labs share has gained 239.34% in one year and risen 96.42% since the beginning of this year. In a month, the stock has climbed 90.82%.
On Wednesday, the firm said its board has cleared raising over Rs 433 crore through the issue of shares to Switzerland's private venture capital firm Corinth Investment Holdings and Liquid Holdings, a promoter group of the company, on a preferential basis. "The board of Directors considered and approved issue and allotment of up to 10.85 crore equity shares of the face value of Rs 2 each, on a preferential basis," it said in a regulatory filing.
Morepen Laboratories board approved the issue of up to 5 crore equity shares to Liquid Holdings, an entity belonging to the promoter group of the company, at a price of Rs 38 per equity share, for an aggregate amount of up to Rs 190 crore.
Additionally, in a separate filing, the company said its board approved the investment proposed by Corinth Group, a global private investment Group headquartered in Switzerland, to the extent of $32.50 million (Rs 243 crore) in Morepen Laboratories out of a total $100 million investment in the promoter group.
Following the shareholder and regulatory approval, Corinth would be allotted 5.85 crore new equity shares on a preferential basis. This shareholding would equate to a 9.41 per cent equity stake in the company on a fully expanded capital base. The balance $67.50 million would be in the promoter group companies, it said.