Sun Pharma to Raise Up To Rs 8,000 Cr through Domestic/ International Offerings
Drug firm Sun Pharmaceutical Industries said its board of directors has approved the proposal to raise up to Rs 8,000 crore.
The board has approved raising of funds worth up to Rs 8,000 crore through domestic or international offerings, Sun Pharmaceuticals said in a filing to the BSE.
According to the company, the proposal would be put for shareholders' approval during the annual general meeting scheduled in November.
The funds would be raised at an appropriate time "through domestic/international offerings including to Indian or foreign institutional investors/foreign mutual funds/overseas corporate bodies/foreigners/other foreign parties/Indian financial institutions/alternative investment funds/qualified institutional buyers/companies/individuals..."it said.
Panacea Biotec Likely to Raise PE Funds
Panacea Biotec Limited is likely to raise PE funds for its future expansion, according to BS.
The company has plans to expand into tier II and III cities of North India and is about to launch its first multi-super specialty hospital early next year.
Panacea is into research based pharmaceutical and health management involved in research, manufacturing and marketing of pharma formulations, vaccines and natural products.
It has 5 research centres across India that specialize in the fields of pharmaceuticals, biotechnology, natural products and biopharmaceutics.
The company had bought 76% stake from Umkal Hospital last year and the project is a 225-bed multi-super specialty hospital in DLF Phase III in Gurgaon which is touted to start operations by March next year at a cost of R145 Cr.
Last month Panacea had signed a strategic pact with American firm Osmotica Pharmaceutical to jointly develop and sell at least 18 branded generic drugs globally over the next 10 years with Panaces undertaking the manufacturing part and Osmotica taking care of sales and marketing in the U.S and other markets.
The Indian healthcare sector is expected to reach $100 Bn by 2015 from the current $65 Bn, growing at around 20% a year, according to rating agency Fitch.