Financial Daily from THE HINDU group of publications
Wednesday, Apr 27, 2005

News
Features
Stocks
Port Info
Archives
Google

Group Sites

Corporate - New Projects


Bal Pharma eyeing North Indian location

Our Bureau

Bangalore , April 26

THE Bangalore-based bulk drugs maker Bal Pharma is considering a north Indian location for its proposed capacity expansion.

The company has shortlisted Uttaranchal and Jammu to set up its formulations facility, with an investment of Rs 18.52 crore.

The Bal Pharma Managing Director, Mr Shailesh Siroya, said on Tuesday that the facility would require 11 acres of land. The company is evaluating the benefits of the excise duty-free States and would finalise the location shortly. The new plant would add about 100 employees. Bal, he said, had nearly 1,000 staff.

The facility with an annual capacity of 720 million tablets and 240 million capsules will be part of Bal Pharma's Rs 32.2-crore overall expansion. This includes an API (active pharma ingredients) plant at Bangalore, to be set up with an investment of Rs 13.75 crore. The company already has two plants in Bangalore and a parenterals unit at Pune.

Rights issue: The expansion will be part-funded by Bal Pharma's 3:5 rights issue amounting to Rs 11.75 crore. The issue opens on Wednesday.

The issue of 39,18,000 shares is being offered at Rs 30 per equity share or a premium of Rs 20 each. The offer closes on May 26. Bal plans to list on the NSE after completing the rights issue.

Mr Siroya said the rest would be raised as term loan and out of internal accruals. The rights issue follows a preferential allotment made in October 2004. Bal, which had a turnover of Rs 62 crore during 2003-04, registered a turnover of Rs 49 crore for the first nine months of 2004-05 and PAT of Rs 2.49 crore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page


Stories in this Section
NCL, DuPont sign research pact


Ocimum launches its brand of biochips
BILT forays into tissue paper, eyes acquisitions
Vehicle financing to contribute 12 pc of Tata Motors' PBT
Tata Steel may open retail outlets
Zutshi is now Deputy MD of Samsung India
Audi launches A6, priced at Rs 42.5 lakh
Rane Engine Valves EOU
Adlabs board okays pref issue to Arisaig Partners
Plea for probe into Birla Corpn shareholding pattern dismissed
Anil Ambani writes to SEBI
`IPCL stock sale: Reliance Capital loss Rs 1,000 cr'
`Laws governing corporate sector must be remodelled'
Eco violations: Reliance Energy fine cut to Rs 100 cr
Sterlite Optical Q4 net up at Rs 2.9 cr
Parliamentary panel seeks revamp of SAIL corporate plan
Ruia group all set to acquire sick Orissa PSU
Blue Star on major expansion drive
Bal Pharma eyeing North Indian location
Daewoo assets sell-off may be mired in more legal tangles
Glenmark's Swiss arm in deal with Teijin Pharma of Japan
Development, expansion of Tapti gas field: British Gas-ONGC-Reliance joint venture plans to invest $500 m
ONGC security reviewed
STC plans foray into new areas
The great growth story
Starting up a brand new day
Torrent launches anti-epileptic drug
Panacea launches pain relief drug


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line