Financial Daily from THE HINDU group of publications
Thursday, Mar 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 03, 2005 |
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Markets
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Overseas Borrowings Granules raises $8.65 m through GDR issue Our Bureau
Hyderabad , March 2 GRANULES India Ltd has announced that it has raised $8.65 million through its first GDR (global depository receipts) issue, which was successfully completed with the GDRs listed on the Luxemburg Stock Exchange. In a press release here on Wednesday, the pharmaceutical company said the large investors such as GMO and Emerging Market Funds have invested in the company through GDRs. The company raised these funds to part finance its expansion plans for backward and forward integration. Granules India is currently setting up contemporary USFDA-compliant infrastructure to manufacture strategic active pharmaceutical ingredients (APIs). The company said by way of forward integration, it was in process of setting up a very large compression and coating facility to manufacture finished dosages. In the process, the company said it would emerge as a preferred and a fully integrated out-sourced manufacturer for its customers - International pharmaceutical companies from the regulated markets. Further, the company said the construction of the Paracetamol plant, one of the strategic APIs, was nearing completion and was expected to commence trial production by July this year. Other projects were in various stages of finalisation. The company said it has already implemented and commissioned an ultra modern 7,200 tpa pharmaceutical formulation intermediates (manufacturing plant at Gagillapur, near here. The facility has received all the regulatory approvals such as USFDA, Australian TGA and German Health Authority.
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