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Our Bureau

Hyderabad , Nov. 6

THE Mumbai-based Firstcall India Equity Advisors Pvt Ltd (FIEA) is taking an equity stake in the Hyderabad-based medicinal biotech company Nandan Biomatrix Ltd, formerly known as Nandan Agro Farms Pvt Ltd.

Nandan has embarked on a Rs 22.5-crore expansion project, which comprises a part of the equity stake from Firstcall India and other investors, the FIEA's Country Head, Dr V.V.L.N. Sastry, told newspersons here on Saturday.

He said that the expansion project was being funded through equity of Rs 6.5 crore and debt of Rs 16 crore. FIEA will invest up to 6 to 10 per cent of this equity. The equity shares of Rs 10 each will be purchased at a premium of Rs 60. Firstcall was investing in Nandan, as the latter's "business models looks very attractive," Dr Sastry added.

According to the Managing Director of Nandan Biomatrix, Mr V. Bhaskara Rao, the company is expanding its medicinal plants activities by setting up a horticulture processing park for nutraceuticals, lifestyle biotech drugs and bio-diesel.

Nandan's plans include tie-ups with D1 Oils Plc of the UK for its worldwide bio-diesel operations and Synergy Foundation, another UK-based company, for development of backward integration facilities.

Mr Rao said that Nandan also has a proposal to come out with an initial public offer of equity shares to the tune of Rs 25 crore during the middle of next year. During the first half of the current fiscal, the company had posted a turnover Rs 11.21 crore and a net profit of Rs 1.4 crore.

More Stories on : Mergers & Acquisitions | Bio-tech & Genetics

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