To augment the resources for the expansion plans, Ind-Swift Laboratories has successfully raised US $ 10.625 Million through the issue of 25 Lacs Global Depository Receipts (GDRs), each representing one underlying equity share of Rs.10/- each. The GDRs will be listed shortly on the Luxembourg Stock Exchange. M/s Elara Capital Advisors Limited, London acted as Lead Manager to the issue.
The GDR was priced at $ 4.25 per GDR. Commenting Mr. V.K. Mehta, Jt. Managing Director said that the response to the first international offering of the group was tremendous.”
The major investor for the GDR of the company are : Sloane Robinson, London ( 9.41 lacs GDRs) , Ward Ferry Fund, Hongkong ( 4.70 lacs GDRs) , Goldman Sacchs, Cayman Islands ( 3.53 lacs GDRs) .
The company is in the process of completing its first phase of the expansion plans involving an investment of Rs.100 crores. Under phase– I it has already put to operation three new manufacturing units all complying to FDA standards and a state of art R&D center is expected to be operational by Sept. 05.
The Phase-II of the expansion plan again involving a sum of Rs.100 crores is expected to commence in September/ October,05.
ISLL is positioning itself as a primary supplier of APIs to generic players in regulated markets. The company already has a good presence in unregulated / soft regulated markets– it is now in negotiations with global players for the supply of high potential drugs like Clarithromycin, Atorvastatin and Fexofenadine to regulated markets on patent expiry. ISLL has already built up sizable capacities in all these molecules.
The company has posted a growth of 251.26 per cent in its net profit that surged from Rs.28.60 Million to Rs.100.44 Million during the first quarter of the fiscal 2005-06, on a sales turnover of Rs.799.74 Million, up 81.76 per cent from Rs.440.00 Million as compared to the corresponding quarter of the last year. With this, the earnings per share (EPS) for the quarter too has shot up from Rs.1.83 to Rs.5.46 per share on the expanded capital base of Rs.184 Million. During the quarter, exports to soft regulated markets contributed 39.44 per cent to the company’s turnover.
To know about our Formulation Division, please visit us at Ind-Swift Limited, our other group company.
