Pune-based Krsnaa Diagnostics seeks to raise as much as Rs 400 crore ($54.6 million) via new shares in an initial public offering, according to a copy of its draft red herring prospectus on issue manager IIFL Securities’ website.
- Holders of Krsnaa Diagnostics plan to sell as many as 9.42 million shares in an offer-for-sale as part of the IPO
- Among the shareholders, PHI Capital Trust plans to sell up to 1.6 million shares, Kitara PIIN 1104 plans sale of up to3.34 million shares and Somerset Indus Healthcare Fund plans to sell up to 4.45 million shares
- The company may consider a pre-IPO placement of as much as Rs 200 crore; new share sale in the IPO will be lower than planned if the pre-IPO sale happens
- JM Financial, DAM Capital, Equirus Capital and IIFL securities will manage the IPO
Shilpa Medicare Jumps After Vaccine Making Tie-Up
Shares of the drugmaker jumped as much as 13.5%, to the highest since Oct., after it announced a tie-up with Dr Reddy’s Laboratories for production of Sputnik V vaccine.
- The production target of the vaccine for the first 12 months is 50 million doses
- Under the agreement, the company’s unit Shilpa Biologicals will be responsible for the manufacture of the vaccine, while Dr. Reddy’s will be responsible for distribution and marketing
- The vaccine will be made at the company’s centre in Dharwad, Karnataka
- The companies are also exploring the option to make Sputnik Light, a single-dose version of the vaccine, in the near future