Net sales, however, rose to Rs 399.19 crore in the third quarter from Rs 310.26 crore in the same period of 2020-21, Morepen Laboratories said in a statement.
“Business is growing exponentially across all segments and the company needs to build additional capacity to serve customers faster and also capture additional market share. We are working to increase the existing capital base to fund growth to come,” said the Chairman and CEO. said Sushil Suri.
The company said its board approved the grant of mandatory convertible preferred stock (CCPS) to banks, financial institutions and others in place of optionally convertible preferred stock (OCPS) and cumulative redeemable preferred stock. (CRPS) of Rs 114.65 crore held by them as part of the company’s loan restructuring program.
The new preference shares will be converted into shares according to the Sebi formula within a maximum period of 18 months from the date of allocation, he added.
“The conversion of the bank’s preferred shares, which have been outstanding for many years, into share capital is an important step and we are grateful to all the banks for granting their approval. This was the final step in the CDR process. and the company will have no unpaid liability in terms of unredeemed preferential capital,” Suri said.