Saamya Biotech to raise Rs 15 cr

MUMBAI: Saamya Biotech (India) Ltd plans to raise Rs 15 crore from its initial public offering of 1,50,00,000 shares of Rs 10 each that opens on Sep 25 and closes Sep 28. The net issue to the public will be 58.49 per cent of the paid up capital.

The IPO will help finance a plant for bio pharma ingredients such as daunomycin and hyaluronic acid being set up at Shapoorji Pallonji Biotech Park in Andhra Pradesh.

The plant will need an investment of Rs 28.08 crore, of which Rs 5 crore will be financed by State Bank of India. The promoters will be contribute Rs 8.08 crore.

UTI Securities is the lead manager to the issue and Aarthi Consultants the registrar.

The issue is underwritten by Enam Securities to the tune of Rs 10 crore. Saffron Capital Advisor has underwritten equity worth Rs 4.75 crore and UTI Securities Rs 0.25 crore.

The company has entered into agreements with Biofin Laboratories of Italy for transfer of technology for producing daunomycin and hyaluronic and with Finchimia of Spain for sales.

Engineering work at the plant will be carried out by Shapoorji Pallonji.