A Standard Chartered Bank investment arm may acquire stake in the ailing pharma company Morepen Labs, after New York-based and Asia-focused private equity fund Avenue Asia walked out of the deal last week. As per the latest debt restructuring plan, Standard Chartered and the key promoter of Morepen, Sushil Suri, will infuse Rs. 100 crores each in a bid to revive the company. Avenue Asia had earlier committed to invest Rs. 150 crores in the company, before they walked out of the deal.
The company has informed the stock exchanges that it would issue 24.4 mn equity shares and 53.6 mn warrants. These warrants will be issued to the new investor and the promoter; both will have the rights to subscribe to the equity of the company. However, the company has not officially announced the new investor. The warrants will be issued at Rs. 20 per share.
Read The Economic Times article.
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