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Hyderabad, Nov 24

Jupiter Bioscience has decided to raise Rs 95 crore to fund its expansion programmes and long-term working capital requirement. The Hyderabad-based company plans to go for a combination of debt and fresh issue of equity shares, convertible debentures, convertible preference shares or FCCBs to domestic investors including but not limited to institutional buyers, mutual funds, banks, insurance companies and corporate bodies.The company has told the BSE that the board of directors approved the proposal at a meeting on Thursday. The company, which logged a turnover of Rs 80 crore last fiscal, wants to expand its Indian and US manufacturing facilities.

The board also gave approval to the company to enter into two technology in-licensing agreements with the University of California, Los Angeles. These two technologies have been evaluated in pre-clinical trials and are in the field of diagnostics and treatment of gastritis and peptic ulcers. The above scheme of investment will be intimated by way of notice of the EGM to be held on December 28.

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