Nectar Lifesciences gets approval; to raise $50 million

Submitted by Nalin Grover on Mon, 08/25/2008 - 16:27

Pharmaceutical major Nectar Lifesciences informed that it will raise 50 million dollar through the issue of securities in international markets. Today, the company’s board of directors at its meeting has finally approved to issue Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or any other international offering of up to 50 million US dollars.

Apart from this, the board of directors has also approved the signing of non binding term sheets for issue of preferential equity with Citi Venture Capital International and Everest Capital (M) Ltd.

Nectar Lifesciences Limited engages in the manufacture and sale of semi synthetic penicillin and cephalosporin-based oral and sterile bulk drugs in India.

The company further stated that it would seek shareholders approval in an extra ordinary general meeting proposed to be convened on September 16.


Tagged with

Miscellaneous

Big steel and power companies may be stripped off their captive mines

Big steel and power companies may be stripped off their captive mines

Big steel and power companies like NTPC, ArcelorMittal, GVK Power, Jindal Steel & Power, GMR Energy and Damodar Valley Corporation may be stripped off the captive mines that were allotted to them.

As per the information available, as many as 97 companies are going to be given notice by the government asking them as to why they have failed in starting work in the captive mines provided to them.

Escorts up for a rebound?

Escorts up for a rebound?

After losing most of its market to players like Mahindra, perhaps the north India based tractor manufacturer, Escorts is up to make a rebound in the domestic circuit.

While the company has been cutting its operational and financial expenses, the fact of the matter is that it is also looking at expanding its market share in the domestic circuit. The third largest tractor manufacturer in the country has been relying on its tractor business for the overall Group, the company is targeting to take its market share up by 1% in the short run.

© Copyright 2010