Morepen Laboratories Limited has informed the Exchange about Memorandum of Understanding/Agreements
MOREPENLAB · price
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Awaiting price reaction for this filing.
Morepen Laboratories has secured a Rs. 50 Crore credit facility from Qatar National Bank, split across working capital demand loan, packing credit, and post-shipment finance. The working capital loan carries an interest rate of MCLR plus 1.25% per annum with a tenure of up to 90 days, while the packing credit and post-shipment facilities are priced at 6-month SOFR plus 2% per annum with up to 180 days tenure. The facility is secured by a first-ranking pari passu charge on the company's current assets and is backed by a personal guarantee from promoter and CMD Sushil Suri. The company's existing loan outstanding stands at Rs. 83.87 Crore (excluding vehicle loans and loans against fixed deposits), so this is incremental borrowing to support working capital needs.
This is routine debt-raising for working capital and export financing rather than a strategic event, so it is unlikely to move the stock. Shareholders should note the rising debt levels (existing Rs. 83.87 Crore plus this new Rs. 50 Crore) and the promoter's personal guarantee, which signals continued reliance on bank borrowings.