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

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EPW Research Foundation LUPIN LABORATORIES, a world leader in Ethambutol, an anti-TB drug, and a market leader in Rifampicin formulations in India, is setting up facilities for the manufacture of 18.5 tpa of injectable cephalosporins and 50 tpa of cefaclor in Madhya Pradesh and 75 tpa of ciprofloxacin in Gujarat. The project cost has been estimated at Rs 114.4 erore and will be financed by a public issue which opens on December 14. Lupin is offering 16 per cent 62.18 lakh secured redeemable partly convertible debentures of Rs 300 each for cash at par of which 60.58 lakh debentures wilt be offered to the Indian public. Part A of Rs 100 will be converted into one equity share of Rs 10 each at a premium of Rs 90 per share and Part B of Rs 200 will be redeemed at the end of the third, fourth and fifth years from the date of allotment in instalments of Rs 50, Rs 70 and Rs 80, respectively. The debentures have been rated 'A by CRISIL, indicating adequate safety with regard to timely payment of interest and principal. The promoters' share in the equity will come down from the present 100 per cent to 74.34 per cent after the issue and the company's equity will go up to Rs 24.23 crore from the present Rs 18.01 crore. J M Financial and Investment Consultancy Services, SBI Capital Markets, Bank of Baroda and Standard Chartered Bank are the lead managers to the issue. While the cephlosporins project will be commissioned by January 1994, the other two projects will be ready by July 1995.

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