PNN
Mumbai (Maharashtra) [India], January 13: Medicamen Organics Limited (MOL) (NSE- MEDIORG) one of the leading manufacturers of pharmaceutical and health products, has announced the issuance and allotment of 4,65,910 convertible warrants on a preferential basis to the promoter group of the company. This move aims to raise Rs 3 Cr, which will be utilized to strengthen the company's working capital.
The convertible warrants are priced at Rs64.39 each, including a premium of Rs54.39 per share. Each warrant grants the holder the right to convert it into one fully paid-up equity share of Rs10 face value within 18 months from the date of allotment. Following the allotment, the promoters' holding in the company will increase to 61.24% from the current 59.69%.
This strategic initiative highlights Medicamen Organics Limited's commitment to fuelling its growth plans by ensuring sufficient capital for its day-to-day activities. The funds raised will bolster the company's operational capacity and support its efforts to cater to increasing market demands.
Commenting on the collaboration, Bal Kishan Gupta, Managing Director said, "We are pleased to announce this preferential allotment of convertible warrants to the promoter group, which will provide us with the necessary capital to support our ongoing projects. These initiatives are aligned with our growth strategy, and the funds raised will enable us to strengthen our working capital without impacting any of our existing working capital arrangements.
With this financial backing, we aim to accelerate project execution and drive better growth in the coming quarters. We remain committed to delivering value to our stakeholders while advancing our position as a trusted player in the pharmaceutical and healthcare sector."
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