Shilpa Medicare raises Rs 297.5cr via preferential allocation of shares

Shilpa Medicare Limited (SML) said that its board of directors has sanctioned the preferential allocation of 52.75 lacs equity shares totaling to the sum of INR 297.51 crores to various marquee investors at a cost of INR 564 per share.

The marquee investors taking part in the fund raise are Malabar India Fund Limited, Malabar Midcap Fund, Malabar Select Fund, Think India Opportunities Master Fund, Ohm Core Investment Corp, Hypnos Fund Limited, Blue Daimond Properties Private Limited, and Madhusudan Kela.

The closing of the transaction is subject to shareholder and other approvals from regulatory authorities.

Shilpa Medicare Limited said that the funding will allow the company to capitalize on opportunities for growth in niche areas like biosimilars as well as new biological entity space.

Vishnukant Bhutada — Managing Director of Shilpa Medicare Limited said: “We are extremely happy to welcome a new set of focused investors into the Company. I also take this opportunity to express gratitude to existing investors for the confidence and strong support that they have shown in us.

“This development will go a long way in strengthening SML’s balance sheet and providing impetus to future growth.”

Shilpa Medicare Limited is involved in manufacturing and selling active pharmaceutical ingredients (APIs) and formulations in various markets across the globe.