Morepen Laboratories - Outcome Of Board Meeting

Morepen Laboratories Ltd has informed that the Board of Directors of the Company at its meeting held on March 15, 2007, has approved the following investment in the Company for settlement of Debts, Capital expenditure and working Capital:1. Issuance of Equity Share Capital amounting to Rs 150 Crore (14.99% of the Equity Capital) to Avenue Asia Fund and raising Rs 100 Crore by way of debt from an International Bank (New Investors).2. Issuance of Warrants with right to subscribe to equity shares (upto 10% of Equity Capital) to new Investors.3. Issuance of Equity Share Capital of upto Rs 17 Crore to existing banks/Financial Institutions as part of settlement package.4. Issuance of 0.01% Optionally Convertible Preference shares amounting to Rs 90 Crore to Banks/Financial Institutions/existing preference shareholders as part of settlement package.