Aanjaneya Lifecare to raise $ 75 million for capex and acquisitions

NEW DELHI: Aanjaneya Lifecare today said it will raise $ 75 million (over Rs 380 crore) by issuing securities and foreign currency convertible bonds to fund its ongoing capex and acquisitions.

"The Board of Directors of the company have decided to issue securities/foreign currency convertible bonds (FCCBs) to the tune of $ 75 million to qualified institutional buyers (QIBs)," Aanjaneya Lifecare said in a filing to BSE.

The issue to the QIBs through Qualified Institutional Placement will be made in tranches over a period of 18 months. The first tranche will aggregate to $ 25 million, it added.

The funds raised through the process will be allocated for ongoing capital expenditure and potential acquisitions, the company said.

Aanjaneya Lifecare had acquired Hyderabad-based Apex Drugs and Intermediates (ADIL) for Rs 250 crore in February this year.

Shares of Aanjaneya Lifecare today closed at Rs 558.80 on BSE, up 2.36 per cent from its previous close.