Pinfold Overseas acquires 6.42 stake in Morepen Laboratories

NEW DELHI: Pinfold Overseas has acquired 6.42 per cent additional stake in pharmaceutical firm Morepen Laboratories.

The company, which already had 2.14 per cent stake in the pharma firm, purchased additional shares through an off-market transaction on November 28, 2016.

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

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.