Emcure Pharma withdraws IPO application

PTI New Delhi | Updated on June 10, 2014 Published on June 10, 2014

Emcure Pharmaceuticals has withdrawn its proposed initial public offer, which was looking to raise up to Rs 500 crore, making it the fourth withdrawal this year.

The Pune-based pharma company had filed draft offer documents with the Securities and Exchange Board of India for the proposed IPO in June last year.

The proposed issue comprised fresh issue of up to Rs 300 crore and an offer for sale of up to 25,13,057 equity share.

However, the company through its lead merchant banker IDFC Capital withdrew its offer documents on June 6 this year, as per the latest update available with Sebi.

The pharma company intends to use the net proceeds for setting up of new manufacturing facilities and expansion of existing manufacturing facilities, research and development and general corporate purposes.

The company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally.

Emcure Pharmaceuticals operates nine manufacturing facilities, eight of which are located in India and one in the US.

Prior to Emcure Pharmaceuticals, three firms —Trimax IT Infrastructure and Services, BSCPL Infrastructure and GMR Energy — had withdrawn their respective public offer plans this year so far.

Published on June 10, 2014

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.