Financial Daily from THE HINDU group of publications
Thursday, Oct 14, 2004
Financial Daily from THE HINDU group of publications Thursday, Oct 14, 2004 |
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Corporate
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Preferential Allotments Ind-Swift plans to raise Rs 35 cr through pref issue Nithya Subramanian
New Delhi , Oct. 13 THE Chandigarh-based Ind-Swift Laboratories Ltd is planning to raise about Rs 35 crore through a preferential issue of shares. This new preferential issue is being planned after the company decided to postpone the earlier announced preferential issue of 7.01 lakh shares. Sources said that Ind-Swift was planning a higher preferential issue as it required more money to fund its expansion plans. "The company is planning to set up a new research and development centre, setting up a new facility for manufacturing a new active pharmaceutical ingredient (API) as well as expanding the existing capacities," said officials. The board of directors of Ind-Swift will meet on October 26 to consider the preferential issue afresh. The company recently entered into contract research arrangements worth $3million and $5 million for molecules with a market size of over $8 billion to be completed in the next 18 months. It is focusing on contract research and manufacturing services (CRAMS) in a big way and hopes to generate 40-45 per cent of its bottomline from this business in the next two-three years. Ind-Swift is also in talks with two generic pharmaceutical companies for the manufacture of statins (cholesterol-busting drugs). The deal is likely to be finalised by the end of next month. In order to tap the global opportunity in contract manufacturing for statins, the company will increase its capacity by about 500 per cent by next year. It currently has a statins production capacity of 7.5 tonnes per annum, which would be raised to 40 tonnes per annum by setting up a new plant.
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