Natco Pharma’s board of directors or committee of directors, may at its discretion, offer a discount of more than 5% on the QIP floor price.
Natco Pharma, a leading domestic player in the oncology, derives ~36% of sales from the oncology business. The company forayed into cardiology and Diabetology in 2017. In FY17, the company derived 42% sales from domestic formulations, while international formulations and APIs contributed 40% and 9% respectively to sales in the same period.
The company is focusing on a few high-potential filings predominantly differentiated products through either novel drug delivery systems or complex chemistries. The company plans capex of Rs350cr in FY18. It is likely that the fund raised through QIP will primarily be used to invest in complex generics. Apart from capex, the company requires funds for repayment/prepayment of borrowings, working capital and general corporate purposes.
The details of QIP have not been disclosed by the company. However, in an earlier BSE filing, Natco Pharma had stated that it plans to raise Rs1,500cr through various modes including QIP, Global Depository Receipts (“GDRs”) or American Depository Receipts (“ADRs”) or Foreign Currency Convertible Bonds (“FCCBs”) or fully convertible /partly convertible debentures, etc.
Natco Pharma Ltd is currently trading at Rs974.1, up by Rs13.4 or 1.39% from its previous closing of Rs960.7 on the BSE.
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