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Our Bureau

New Delhi , Sept. 9

THE board of Panacea Biotec has approved plans to raise up to Rs 500 crore from domestic or international markets through issue of equity shares, debentures, FCCBs, euro issue or other securities. It will convene an extraordinary general meeting of the company for shareholder approval.

The money will be used to fund its expansion plans that include setting up new manufacturing facilities and increasing its investments in research and development. It hopes to achieve revenues of Rs 1,000 crore by March 2009, up from last fiscal's Rs 330 crore.

Besides becoming a significant player in the vaccines segment through its association with vaccine-maker Chiron, it also plans to foray into international markets.

The share price of the company fell marginally to close at Rs 259.60 on the BSE.

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