Morepen Laboratories Limited has informed the Exchange about execution of loan agreement with Shinhan Bank
MOREPENLAB · price
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Morepen Laboratories has availed an unsecured term loan facility of Rs. 30 crore from Shinhan Bank for general business purposes. The loan carries an interest rate of 7.60% (Repo rate 5.25% plus 2.35% spread), with a tenure of 36 months repayable in 10 equal quarterly installments after a 6-month moratorium. The company's total outstanding loan exposure stands at Rs. 182.62 crore excluding this new facility. Mr. Sushil Suri, Promoter, Chairman and Managing Director, has provided personal guarantee for this loan. The transaction is not considered a related party transaction.
The new debt increases Morepen's total borrowing to over Rs. 212 crore, which raises the company's financial leverage. While the interest rate is market-linked and the loan terms appear standard, shareholders should monitor debt servicing capacity going forward.