Actis Biologics to dilute stake to raise Rs 100 crore

AHMEDABAD: Research-oriented technology incubator Actis Biologics is in talks with private equity (PE) players to dilute its stake in its two group entities based in India and Malaysia. The company plans to raise Rs 100 crore for its Indian entity Actis Biologics Pvt.

For its Malaysian company Actis Biologics Malaysia, it has planned a fund raising to the tune of $7 million. Both the companies are promoted by Sanjeev Saxena and PN Venugopalan who are also one of the promoters of the US-based Actis Biologics.

The Mumbai-based entity, Actis Biologics, will see the Rs 100 crore raised through equity dilution used for conducting clinical trials and setting up a manufacturing unit.

Actis Biologics CEO Sanjeev Saxena told ET: “We are looking at raising Rs 100 crore and basically this fund needed is for capital expansion.”

He added: “We will raise the fund through sale of equity and currently, our merchant bankers are in dialogue with a few PE players. The new investor will be issued additional shares and none of the present investors will dilute their equity.”