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Business EconomyPosted at: Dec 2 2016 6:23PM


Laurus Labs to raise Rs 3,000 million through IPO from Dec 6

Hyderabad, Dec 2 (UNI) Hyderabad-based Laurus Labs, a research and development-driven pharmaceutical firm, will raise a fresh equity of Rs 3,000 million through Initial Public Offering (IPO), scheduled to open on December 6.
The company is placing 2.41 crore equity shares of the face value of Rs10 on the block in a price band of Rs 426 - 428 per a share, Laurus Labs Chief Executive Officer Dr Satyanarayana C said in a press conference here today.
The Company proposes to use the net proceeds from the Fresh Issue towards pre-payment of term loans ( Rs 225 Cr) and general corporate purposes, the CEO said.
The Offer includes a reservation of up to such number of Equity Shares aggregating up to Rs. 125 million, for subscription by eligible employees (as defined in the RHP) not exceeding 5 per cent of the Company’sPost-Offer paid up Equity Share capital (the “Employee Reservation Portion”).
The Offer less the Employee Reservation Portion is hereinafter referred to as the “NetOffer”.
The Company will not receive any proceeds from the Offer for Sale and all proceeds from the Offer for Sale will go to the Selling Shareholders.
The Equity shares of the company are proposed to be listed on the BSE and the NSE, he said
The selling shareholders are Aptuit(Asia) Pvt Ltd, Bluewater Investment Ltd, FIL Capital Management (Mauritius) Limited and Fidelity India Principals ( acting through its trustee FIL Capital Advisors).
The IPO will be closed on December 8 and bids can be made in multiples of 35 shares.
Laurus Labs has a leadership position in generic active pharmaceutical ingredients for select, high-growth therapeutic areas of anti-retrovirals and Hepatitis C, he said and adding that in future, we will focus on Diabetic and Cardio.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited , Jefferies India Private Limited and SBI Capital Markets are the book-running lead managers. The Registrar to the Offer is Karvy Computershare Private Limited.
Company Executive Director Ravi Kumar was also present.
UNI KNR RJ 1830
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Tags: #Laurus Labs to raise Rs 3#000 million through IPO from Dec 6
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