Natco Pharma Ltd will be raising about Rs 150 crore by end of next month to set up a pre-filled syringe unit.
“We have obtained shareholders’ approval for mobilising up to Rs 300 crore, but we may need only Rs 150 crore at present,’’ P. Bhaskara Narayana, Director and Chief Financial Officer, told Business Line here on Thursday.
Instruments
The proposed unit would be coming up at Kothur in Mahbubnagar district of Andhra Pradesh.
The annual general meeting, held on September 28, had authorised the board to mobile funds through a variety of instruments, including qualified institutions placements, fully or partly convertible debentures, non-convertible debentures with warrants and foreign currency convertible bonds.
“But, we have not yet decided on the nature of instruments,’’ Bhaskara Narayana said, adding that the company could also utilise the approval for raising the remaining Rs 150 crore any time before next one year depending on the need.
NEW PLANT
Another new plant set up by the company for manufacturing finished dosages in Guwahati is almost complete.
“This may be fully operational next year. It is a small plant being built with an investment of Rs 15 crore,’’ he said.
Natco would be able to gain with this new plant in view of the prevailing tax concessions being offered by the State Government.
The existing 100 per cent tax concession is nearing expiry in Dehradun and a plant in Guwahti will be of help in this regard.
Turnover up 28%
Natco Pharma posted a turnover of Rs 559 crore in 2012-13 registering a 28 per cent increase compared to the previous year.
The net profit increased to Rs 78 crore (Rs 62 crore). Its scrip declined 0.61 per cent on the BSE on Thursday to close at Rs 623.80.
naga.gunturi@thehindu.co.in