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Dec, 01 2016

Morepen Labs sells 6.42 percent more stake to Pinfold Overseas Ltd

Pinfold Overseas already had 2.14 per cent stake in Morepen, and now it has purchased additional shares through an off-market transaction on November 28, 2016.

Pinfold Overseas, is learnt to have acquired 6.42 percent more stake in Morepen Laboratories, a pharmaceutical firm.

As per the reports published by PTI, Pinfold Overseas already had 2.14 per cent stake in Morepen, and now it has purchased additional shares through an off-market transaction on November 28, 2016.

In a filing, Morepen said to BSE that Pinfold Overseas has acquired around 2,88,97,500 shares amounting to 6.42 per cent of the total shares.

After the acquisition, the holding of the acquirer has gone up to 8.56 per cent, it added. The acquirer does not belong to the promoter group, Morepen Laboratories said.

The stock of Morepen Laboratories today closed at Rs 23.95 on BSE, up 9.36 per cent from its previous close.

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