Aanjaneya Lifecare to use IPO proceeds to fuel expansion plans
Aanjaneya Lifecare, which plans to raise Rs 120 crore through initial public offer (IPO), said it will use the proceeds to fuel its expansion plans.
By PTI | Updated:
MUMBAI: Pharmaceutical company Aanjaneya Lifecare, which plans to raise Rs 120 crore through initial public offer (IPO), today said it will use the proceeds to fuel its expansion plans as well as to enter new geographies.
The company would be issuing 50,00,000 equity shares of face value of Rs 10 each and has fixed a price band of Rs 228-240 per share. The issue will hit the market on May 9 and close on May 12.
"We will utilise the proceeds to fuel our expansion plans. This issue will also help us to enhance our visibility and brand name and also enable use to avail future growth opportunities," the company's Vice Chairman and Managing Director Kannan Vishwanath told reporters here.
The company plans to set up different plants like anti-cancer API facility and product development laboratory, among others to expand existing research and development facility and to meet the expenses for branding and marketing.
The pharma company is also exploring new geographies, he said.
"We are looking at emerging markets for expanding our business. Presently, nearly 95 per cent of our business comes from the domestic market while 5 per cent is from exports. We are now looking at emerging markets and also plan to tap the European market," Vishwanath said.
The company would be issuing 50,00,000 equity shares of face value of Rs 10 each and has fixed a price band of Rs 228-240 per share. The issue will hit the market on May 9 and close on May 12.
"We will utilise the proceeds to fuel our expansion plans. This issue will also help us to enhance our visibility and brand name and also enable use to avail future growth opportunities," the company's Vice Chairman and Managing Director Kannan Vishwanath told reporters here.
The company plans to set up different plants like anti-cancer API facility and product development laboratory, among others to expand existing research and development facility and to meet the expenses for branding and marketing.
The pharma company is also exploring new geographies, he said.
"We are looking at emerging markets for expanding our business. Presently, nearly 95 per cent of our business comes from the domestic market while 5 per cent is from exports. We are now looking at emerging markets and also plan to tap the European market," Vishwanath said.
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