Shares of Morepen Laboratories Limited were trading in the green and 3% higher on 23 February after the company announced raising funds of up to Rs 350 crore.

In its regulatory filing, the company said that the board of directors have considered and approved raising funds for up to Rs 350 crore by way of the issue of equity shares, convertible preference shares, or any other securities through one or more qualified institutional placement.

The company is engaged in manufacturing, marketing, and developing a wide range of active pharmaceutical ingredients, medical devices, branded and generic formulations, home health products, and many more.

As of March 2023, the company has generated 60% of its sales revenue from API, 10% from formulation, 23% from Diagnostics, and 7% from over-the-counter.

In its quarterly report for October-December, the company reported a multi-fold increase to Rs 32 crore for the quarter from Rs 9 crore reported in the same quarter last year.

The revenue from operations for the quarter stood at Rs 445 crore, marking a 27.87% year-on-year increase from Rs 348 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Morepen Laboratories lost all their early gains and closed 0.38% lower at Rs 53 on NSE.