The Hindu Business Line : Indoco files draft prospectus for IPO

In a communiqué issued recently, the company said that it is making initial public offerings of 30 lakh equity shares of Rs 10 each. The issue is 100 per cent through the book building process.

The finances are being raised to fund part of the company's expansion programme, to set up a formulation plant at Baddi, Himachal Pradesh, a bulk drugs manufacturing plant, a research and development centre and repayment of loans for brand acquisition and purchase of office, the note said.

Further, it said, the issue would constitute 25.38 per cent of the fully diluted post issue paid-up capital of the company. Promoters and the promoting group currently hold 79.75 per cent of the paid-up equity capital of Rs 8.82 crore, which would decrease to 59.51 per cent after the issue.

Only recently, Indoco Remedies was in the news for the acquisition of Karvol in the decongestive inhalant (anti-cold) segment from Solvay Pharma India Ltd for a total consideration of Rs 9.37 crore.

Enam Financial Consultants Private Ltd is the book running lead manager while Intime Spectrum Registry Ltd is the registrar to the issue, the note said.

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Indoco files draft prospectus for IPO