Marck Biosciences Ltd on Wednesday said it has sold a minority stake to Tata Capital Healthcare Fund for Rs 45 crore to part-fund its new expansion project worth about Rs 80 crore.
Marck Bio said Tata Capital will invest Rs 45 crore in March Biosciences for 13 to 15% stake, depending on future converts.
Besides, Tata Capital will also pick up 6% stake of IFCI Venture for Rs 15 crore at a valuation of Rs 225 crore. Thus, Tata Capital will hold around 19-22% combined stake in Marck, said Bhavesh Patel, Managing Director.
The Ahmedabad-based Marck Biosciences, manufacturer and marketer of sterile liquids pharmaceutical dosages using the Blow-Fill-Seal (BFS) technology, is targeting a top line growth of 62% while the PBDIT is aimed at 37% and net profit to reach at 17-18%.
He said the fund infusion from Tata Capital will be invested for further expansion of capacities of the new project. “We expect returns from the funds infused within 6 to 8 months.”