News Column

India : IPO withdrawn by Emcure Pharma

June 14, 2014

Emcure Pharmaceuticals has withdrawn its proposed initial public offer, which was seeking to raise up to Rs 500 crore, making it 4th withdrawal this year.

The Pune-based pharma company for the proposed IPO in June previous year had filed draft offer documents with the Securities and Exchange Board of India (Sebi).

The proposed issue included of fresh issue of up to Rs 300 crore and an offer for sale of up to 25,13,057 equity share. However, the company through its lead merchant banker IDFC Capital withdrew its offer documents on June 6 this year, as per the latest update available with Sebi.

The pharma company plans to utilize the net earningd for setting up of new manufacturing facilities and expansion of present manufacturing facilities, research and development and general corporate purposes.

The company is occupied in developing, manufacturing and marketing a broad range of pharmaceutical products globally. Emcure Pharmaceuticals runs nine manufacturing facilities, eight of which are situated in India and one in the US.

Previous to Emcure Pharmaceuticals, three firms Trimax IT Infrastructure and Services, BSCPL Infrastructure and GMR Energy-- had withdrawn their respective public offer plans this year up to now.

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Source: TendersInfo (India)

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