Innova Captab files IPO papers with SEBI
The company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore.
Advertisement
New Delhi: Pharmaceutical company Innova Captab Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore and an offer for sale (OFS) of 96 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP).
As part of the OFS, Manoj Kumar Lohariwala, Vinay Kumar Lohariwala and Gian Parkash Aggarwal will sell 32 lakh shares each.
At present, promoters -- Manoj and Vinay -- hold 39.66 per cent and 30.08 per cent stake, respectively, in the company, while Gian owns a 30.23 per cent holding in the pharma firm.
Besides, the company may consider pre-IPO placement of equity shares aggregating up to Rs 80 crore. If such a placement is undertaken, the size of the fresh issue will be reduced.
Of the Rs 400 crore proposed to be raised through fresh issuance of equity shares, Rs 180.5 crore will be used for payment of debt, Rs 29.5 crore will be utilised for payment of loans availed by its subsidiary, UML, and Rs 90 crore for funding working capital requirements.
Innova Captab is an integrated pharmaceutical company in India with a presence across the pharmaceuticals value chain including research and development, manufacturing, drug distribution and marketing and exports.
The company's business includes providing research, product development and manufacturing services to Indian pharmaceutical firms, domestic branded generics as well as international branded generics businesses. It has two manufacturing facilities in Baddi, Himachal Pradesh.
ICICI Securities Limited and JM Financial Limited have been appointed as merchant bankers to manage the company's IPO.
Read also: Macleods Pharma and 2 others get SEBI go ahead for IPOs
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.