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Chennai-based Shasun Pharmaceuticals Ltd is planning to invest around Rs 250 crore in the next fiscal year, towards setting up its greenfield facility in Vizag and other regular capital expenditure. The company is raising around Rs 50 crore from Mauritius-based Caduceus Asia Mauritius Ltd, a part of healthcare private equity fund OrbiMed Advisors LLC.
The company has started construction of its Vizag plant, in January this year, and expects to complete it with an investment of around Rs 100 crore. The plant is expected to be commissioned by October 2012, according to S Abhaya Kumar, managing director, Shasun Pharmaceuticals Ltd.
Shasun Pharmaceuticals, on Monday, informed the BSE that the company is planning to allocate 6,578,947 equity shares of face value of Rs 2 at a cash price of Rs 76 a share (including a premium of Rs 74 per share) aggregating to Rs 50 crore to Caduceus Asia Mauritius Ltd, Mauritius. With this, the Mauritius-based private equity firm would have 11.93 per cent stake in Shasun Pharmaceuticals.
“The object of the issue is to raise long term funds for the company to part-finance the capital expenditure, long term working capital requirements,” said the company in the explanation statement. The company called for an EGM on March 22, 2012, to get shareholder approval for the allotment.
“OrbiMed is focused on the healthcare industry, with expertise in the field. The association with OrbiMed would help us in our future operations,” said Kumar.
OrbiMed had earlier invested in Clinical Research firm Ecron Acunova in 2009 and Bharat Serums and Vaccines Ltd in 2010, through Caduceus Asia Mauritius Ltd, according to reports.
With the issuance of shares to the PE, promoters’ holding will come down to 41.15 per cent from the present 46.73 per cent. Financial institutions, mutual funds, banks and FII holdings will come down to 14.57 per cent from 16.54 per cent, public shareholding to 27.69 per cent from 31.44 per cent, foreign nationals to 0.35 per cent from 0.39 per cent, NRIs to 0.62 per cent from 0.70 per cent and corporate body to 3.69 par cent from 4.19 per cent, according to the statement.