ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Gujarat Dehyd Foods

Torrent Gujarat Biotech The Torrent Group, a leader in pharmaceuticals with a turnover of Rs 280 crore and with over 50 per cent (Rs 157 crore) of its sales coming from exports, is promoting Torrent Gujarat Biotech (TGBL) to manufacture 1.000 MMU of Benicillin-G. TGBL's Rs 150 crore green Held project is coming up at Masar near Baroda and is being implemented in technical collaboration with Biotika as a world renowned European producer of penicillin. TGBL's project will help to reduce the import of penicillin. Currently, half of the country's penicillin requirement is being met through imports. Three major companies of the group, Torrent Pharmaceuticals. Torrent Laboratories and Torrent Exports are promoting TGBL. In addition, Gujarat Industrial Investment Corporation is also a co-promoter of the project. TGBL is making a public issue of 147 lakh 16 per cent partly convertible debentures of Rs 75 each at par aggregating Rs 110.25 crore. Out of the issue, 18 lakh debentures have been reserved for preferential allotment to NRIs and 7.20 lakh debentures to employees including working directors of the company and the balance of 121.80 lakh debentures arc being offered to the Indian public Each debenture will consist of part A of Rs 20 and part B of Rs 55. Part A will be com- pulsorily converted on allotment into one equity share of Rs 10 at a premium of Rs 10. Part B will be the non-convertible part and will be redeemed in three equal instalments at the end of the 6th, 7th and 8th years from the date of allotment. The paid-up equity capital of the company after the present issue will be Rs 30 crore, The estimated project cost of Rs 150 crore is being financed through equity capital and premium of Rs 20.60 crore (promoter companies Rs 24 crore and GIIC Rs 6.60 crore). issue of partly convertible debentures Rs 110.25 crore (convertible portion Rs 29.40 crore and non- convertible portion Rs 80.85 crore) and term loans from banks and financial institutions Rs 9.15 crore. The issue of debentures will open on December 14. The lead managers to the issue are SBI Capital Markets, Bank of Baroda, ENAM Financial Consultants and Kotak Mahindra Finance.

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