Morepen Laboratories clarifies on news item
With reference to the news item appearing in a leading financial daily titled “US hedge fund Avenue may pick up 15% stake in Morepen for Rs 80 cr”, Morepen Laboratories Ltd has clarified to BSE that as under
1. The Company has been in negotiation with an Investor for the Investment in the Company and is in the advanced stages for concluding the transaction subject to the Board approval; and
2. The Investment shall be made at a price not lower than the price as determined in accordance with the SEBI (DIP) Guidelines. The allotment of Equity Shares has been made at a price of Rs 20/- per equity share to the Banks and Financial Restricting in settlement of Debt under the Corporate Debt Restructuring scheme intimation whereof has been given to the Stock Exchanges.
Further the Company clarifies that the necessary disclosure, wherever required, shall be made in due course of time.
