Orchid Chemicals to raise $200 mn
Orchid Chemicals and Pharmaceuticals Ltd plans to raise $200 million from overseas capital market as well as domestic markets to part finance its expansion projects.
By PTI |
MUMBAI: Orchid Chemicals and Pharmaceuticals Ltd plans to raise $200 million from overseas capital market as well as domestic markets to part finance its expansion projects.
Orchid proposes to use the proceeds to repay debt, to meet the capital expenditure requirement of projects for manufacture of new niche antibiotics and expansion of non-biotic production for regulated markets, besides meeting working capital need, Orchid Chairman R Narayanan said in the annual report for FY06.
This is over and above $190 million that the comapny had proposed to raise last year through issuance of Foreign Currency Convertible Bonds (FCCBs) and Global Depository Receipts (GDRs).
The company had raised $82.5 million last year.
Orchid said the work is now in progress to build larger commerical scale non-penicilin, non-cephalosporin (NPNC) and formulation facilities at Aurangabad in Maharashtra and Irungattukottai in Tamil Nadu.
With the entry into the NPNC products, the company expects to maintain the growth momentum in the current year. Orchid hopes to retain its niche position in the antibiotics generics space with the diversification of product offerings to betalactam and carbapenem therapeutic groups.
Orchid proposes to use the proceeds to repay debt, to meet the capital expenditure requirement of projects for manufacture of new niche antibiotics and expansion of non-biotic production for regulated markets, besides meeting working capital need, Orchid Chairman R Narayanan said in the annual report for FY06.
This is over and above $190 million that the comapny had proposed to raise last year through issuance of Foreign Currency Convertible Bonds (FCCBs) and Global Depository Receipts (GDRs).
The company had raised $82.5 million last year.
Orchid said the work is now in progress to build larger commerical scale non-penicilin, non-cephalosporin (NPNC) and formulation facilities at Aurangabad in Maharashtra and Irungattukottai in Tamil Nadu.
With the entry into the NPNC products, the company expects to maintain the growth momentum in the current year. Orchid hopes to retain its niche position in the antibiotics generics space with the diversification of product offerings to betalactam and carbapenem therapeutic groups.
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