Morepen Labs receives board approval to raise up to Rs 350 crore
New Delhi: Morepen Laboratories on Thursday said its board has approved to raise up to Rs 350 crore via issue of securities.
The company's board has approved to raise funds by way of issuance of equity shares, convertible preference shares or debentures or other means through one or more qualified institutions placement for an aggregate amount not exceeding Rs 350 crore, the drug firm said in a regulatory filing.
The board has also approved convening an extraordinary general meeting to seek shareholders' approval, it added.
Medical Dialogues team had earlier reported that the United States Food and Drug Administration (USFDA) had conducted an inspection at the API manufacturing facility, at Baddi, Himachal Pradesh, of the Morepen Labs.
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