January 13, Mumbai (Maharashtra) [India]: One of the top producers of pharmaceuticals and health goods, Medicamen Organics Limited (MOL) (NSE: MEDIORG), has announced the issuing and preferential allocation of 4,65,910 convertible warrants to the company’s promoter group. The goal of this action is to generate Rs 3 Cr, which will be used to improve the working capital of the business.

The price of the convertible warrants, which include a premium of Rs54.39 per share, is Rs64.39 apiece. Within 18 months after the date of issuance, the holder of each warrant is entitled to convert it into one fully paid-up equity share having a face value of Rs 10. The promoters’ stake in the business will rise from its existing 59.69% to 61.24% after the allocation.

This strategic move demonstrates Medicamen Organics Limited’s dedication to supporting its expansion goals by guaranteeing enough funding for its ongoing operations. The money received will help the business meet the growing needs of the market and increase its operating capabilities.

“We are happy 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,” Bal Kishan Gupta, Managing Director, stated in response to the partnership. The money obtained will allow us to enhance our working capital without affecting any of our current working capital agreements, and these actions are in line with our growth plan.

In the next quarters, we want to improve growth and expedite project execution with this financial support. We are still dedicated to providing value to our stakeholders and strengthening our standing as a reliable participant in the healthcare and pharmaceutical industries.”